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Market NewsNewsZimbabwe may lift local ownership rule on diamonds

Zimbabwe may lift local ownership rule on diamonds

Zimbabwe, which has the world’s second-biggest platinum reserves, may lift a requirement that companies mining the metal or diamonds must be at least 51 percent owned by black citizens of the country, President Emmerson Mnangagwa said, Bloomberg reported.

Mnangagwa, who became president in November after Robert Mugabe resigned under pressure from the military, has announced that the ownership requirement on all other minerals will be abolished. The government needs to assess its platinum and diamond industries more carefully, he said, according to the Bloomberg report.

“I only excluded diamonds and platinum for now. We do not have a real or deep-rooted or well-interrogated policy on diamonds or platinum,” the 75-year-old president said in an interview in his office in the capital, Harare, last week. “Down the line when we are satisfied that this can also go into the open basket we will do so,” said the Bloomberg report. 

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