Mugabe refuses to bend indigenisation policy in favour of the Chinese who wanted 65 % stake at Kamativi Tin Mine

Appearing before the MPs on Monday, Minister of Mines, Walter Chidhakwa said that President Robert Mugabe refused to bend the indigenisation policy in favour of the Chinese who wanted a 65 percent stake at the Kamativi Tin Mine. He also revealed that the mine is now set to re-open after the Chinese finally dropped their demands and agreed to finance the deal to the tune of $100 million.

Said Chidhakwa:

The negotiations had been stuck over the indigenization policy as Chinese government wanted 65 percent equity and I discussed the Chinese proposal with President Robert Mugabe and he refused to change the indigenisation policy in their favour and said we must implement the 51 percent to 49 percent which they have agreed to.

Chidhakwa said that the Zimbabwe Mining Development Corporation (ZMDC) is now working with Beijing Pichang on preliminary processes paving way for the re-launch of mining activities. Apart from extracting tin, lithium, tantalite, beryl, copper and beryllium, the venture provides for the construction of a refinery at the mining site.

More: NewZimbabwe.com