Zimbabwe: government plans to tighten further its grip on mining

May 9, 2013 4:03pm by Tony Hawkins

Share this on

Zimbabwe this week started consultations on proposed new mining policies aimed at increasing the state’s role in the industry in everything from environmental management to marketing.

The move echoes the controversial indigenisation and empowerment law, requiring companies to divest 51 percent of their shares to indigenous (black) investors. The approach is different – with officials intending transparent in contrast to the secretive methods of the political radicals who pushed through indigenisation. But there is still much to worry the mining industry. Continue reading »

Tags: mining, Zimbabwe indigenisation Posted in Africa, Zimbabwe | Permalink

Zimbabwe: FDI takes a dive as indigenisation policy puts investors off

May 1, 2013 5:01pm by Irene Madongo

Share this on

Investors appear to be getting pretty jittery about placing their money in projects in Zimbabwe, as official foreign direct investment figures from a government agency indicate.

After the country’s recent economic turnaround (post-dollarisation), investors are being turned off by the uncertain political climate, and the small matter of not knowing if they will be stripped of half a business. Continue reading »

Tags: FDI, Zimbabwe economy, Zimbabwe indigenisation Posted in Africa, Zimbabwe | Permalink

Zimbabwe: no vote before July – Biti

Apr 26, 2013 2:48pm by Eleanor Whitehead

Share this on

Zimbabwean president Robert Mugabe’s plan to hold a general election by June 29, when the current parliament will be dissolved, looks increasingly like a pipe dream. Do the maths and you’ll see that it is impossible for the country to hold a vote before the end of July at the earliest, the country’s finance minister Tendai Biti said.

“It’s a processing issue which will determine the date of the election,” he told beyondbrics from the sidelines of a talk at Chatham House, the think tank. “It is not possible to have elections before at least the end of July”. Continue reading »

Tags: Tendai Biti, ThisisAfrica, Zimbabwe politics Posted in Africa, Zimbabwe | Permalink

Zimbabwe: the next vote will have the economy at stake

Mar 19, 2013 4:16pm by Tony Hawkins

Share this on

On its own, the overwhelming “Yes” vote in Zimbabwe’s referendum on a new constitution means little.

Indeed, it is no more than the first act of a drama that will unfold over the next few months as the country moves towards presidential and parliamentary elections that will determine whether the economy maintains its recovery momentum or slides back into political-driven stagnation. Continue reading »

Tags: Morgan Tsvangerai, Robert Mugabe, Zimbabwe economy, Zimbabwe indigenisation, Zimbabwe politics Posted in Africa, Zimbabwe | Permalink

Zimbabwe’s indigenisation policy: falling apart?

Mar 4, 2013 3:47pm by Irene Madongo

Share this on

Zimbabwe’s beleaguered indigenisation policy has been dealt several big blows in the last few days. Alleged corruption, arguments over deal fees, calls for a parliamentary probe – and to top it all, even president Robert Mugabe criticising the process.

The controversial black empowerment policy, which forces foreign firms to divest 51 per cent of equity to locals, is one of Mugabe and his party, Zanu-PF’s key strategies. But is it falling apart? Continue reading »

Tags: Impala Platinum, Zimbabwe indigenisation, Zimbabwe politics, Zimplats Posted in Africa, Zimbabwe | Permalink

Roller coaster week for platinum

Feb 17, 2013 12:15am by Irene Madongo

Share this on

It’s been a roller coaster week for platinum prices, which climbed in the middle of the week before sliding back at the close. Supply disruption in Africa is a dominant factor, analysts say, something that is set to continue driving prices. Continue reading »

Tags: commodities, Impala Platinum, mining, platinum, Zimplats Posted in Africa, South Africa, Zimbabwe | Permalink

Zimbabwe: Impala strikes $971m black ownership deal

Jan 11, 2013 10:37am by Stefan Wagstyl

Share this on

Impala Platinum on Friday finally announced the long-awaited terms of its deal to sell a majority stake in its Zimbabwe operation to local black investors in response to president Robert Mugabe’s black ownership campaign.

In line with an outline accord agreed in March, Impala said in a statement that its 87-per-cent-owned Australian-listed Zimplats subsidiary will sell a 51 per cent stake in its mining business to local black investors for $971m, with Zimplats keeping the remaining 49 per cent. Zimplats will finance the deal, lending its new shareholders the money to buy the stock. Continue reading »

Tags: Impala Platinum, platinum, Zimbabwe indigenisation, Zimplats Posted in Africa, Zimbabwe | Permalink

Zimbabwe’s eviction promise: cold comfort farm

Jan 4, 2013 9:29am by Tony Hawkins

Share this on

This week’s announcement that Zimbabwe will no longer evict owners from properties covered by international investment protection agreements has been derided as “locking the stable door after the horse has bolted” by John Worsley-Worswick, who heads Justice for Agriculture (JAG), an activist group. He has little faith in the pledge by Herbert Murewa, lands minister, to honour the terms of Bilateral Investment Promotion and Protection Agreements (BIPPAs) that Harare has signed with foreign governments. Continue reading »

Tags: agriculture, nationalisation, regulation Posted in Africa, Zimbabwe | Permalink

Zimbabwe mining: mixed messages and wishful thinking

Nov 20, 2012 5:38pm by Tony Hawkins

Share this on

Ever since the Zimbabwe government published its plans to localise majority ownership of the country’s mines, mixed messages have dominated the debate over investment and growth.

Last week was no different, with the finance minster, Tendai Biti, and miner Amplats making positive noises about investment which seem rather optimistic, to put it mildly. Continue reading »

Tags: Amplats Zimbabwe, Anglo American Platinum, mining, Zimbabwe economy, Zimbabwe indigenisation, Zimbabwe mining Posted in Africa, Zimbabwe | Permalink

Zimbabwe cuts growth forecasts, trims budget, prepares for IMF programme

Nov 16, 2012 12:04pm by Tony Hawkins

Share this on

For years Zimbabwe politicians have been prone to extravagant forecasts of the country’s economic prospects, embellishing projections with references to vast unexploited mineral wealth, limitless agricultural potential and dazzling opportunities in tourism and manufacturing.

But on Thursday Finance Minister Tendai Biti injected a note of stark realism into his 2013 budget. He downgraded GDP growth estimates for 2012 from 9.4 per cent in his budget a year ago and 5.6 per cent in mid-year to just 4.4 per cent. Continue reading »

Tags: Zimbabwe economy, Zimbabwe politics Posted in Africa, Zimbabwe | Permalink

Zimbabwe: diamond fiscal black hole

Nov 15, 2012 7:58pm by Irene Madongo

Share this on

Zimbabwe hosted its inaugural diamond conference on Monday and Tuesday to promote the industry, but instead has become embroiled in fresh controversy around the country’s diamond sales and tax revenues.

There are conflicting reports around diamond sales. While the Zimbabwe Mining Development Corporation (ZMDC) and Ministry of Mines lament that sales are being hit by sanctions, critics argue that the companies are actually making huge sales but looting is rife. Continue reading »

Tags: corruption, diamonds, Zimbabwe politics Posted in Africa, Zimbabwe | Permalink

Zimbabwe political violence: an insurance deal too far?

Nov 13, 2012 5:02pm by Irene Madongo

Share this on

Who knew insurance could be so toxic? Two British insurers have pulled out of an agreement to offer cover against political violence in Zimbabwe, in a curious turn of events.

Earlier this year, insurance broker RK Harrison Group approached Harare-based Champions Insurance about offering cover from Lloyd’s of London against political violence. In October, Champions said that a deal had been agreed for an undisclosed amount. But the plan is now off. What happened? Continue reading »

Tags: Champions Insurance, insurance, Lloyd’s of London, RK Harrison, Zimbabwe politics Posted in Africa, Zimbabwe | Permalink

Zimbabwe: a tentative T-bill step

Nov 1, 2012 11:35am by Tony Hawkins

Share this on

After months of soul-searching by both borrower and lenders, Zimbabwe’s Treasury bill market re-opened last week.

It’s a small start – less than $10m – but it’s a significant moment. What does it mean for the country’s finances? Continue reading »

Tags: sovereign debt, Zimbabwe debt Posted in Africa, Zimbabwe | Permalink

Zimbabwe tourism: putting Mugabe’s house on the map?

Oct 18, 2012 4:47pm by Irene Madongo

Share this on

Victoria Falls

Having survived a decade of national economic meltdown, Zimbabwe’s tourism sector is working at getting back on the world map. On Thursday its premier travel and tourism event Sanganai/Hlanganani kicks off in Harare, with officials reporting an increase in the number of foreign exhibitors from 24 in 2011 to 85 this year.

The big boost is from Chinese exhibitors, reflecting the marketing push to attract vistors from Asia. But will adding Robert Mugabe’s old residence to the tourist trail help? Continue reading »

Tags: Africa tourism, China tourism, Robert Mugabe, tourism Posted in Africa, Zimbabwe | Permalink

BAT Zimbabwe: ready to deliver on local ownership, but is the government?

Oct 12, 2012 2:04pm by Irene Madongo

Share this on

Zimbabwe’s indigenisation law, which requires foreign companies to be 51 per cent owned by a local partner, was always going to be tricky to implement.

Cigarette maker British American Tobacco Zimbabwe has a new plan to meet the legal requirement. The problem may be with the other side – can the government deliver? Continue reading »

Tags: BATZ, British American Tobacco, community share trusts, indigenisation, Old Mutual, Robert Mugabe, Zimbabwe indigenisation Posted in Africa, Zimbabwe | Permalink

Older entries

beyondbrics

Blog