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Zimbabwe Legislation Proposes 25% State Stake In All Mining Firms

The Zimbabwean government Monday published draft legislation under which Harare would acquire a 25% stake in foreign-owned mining companies at no cost.

The legislation, which parliament is expected to approve by year's end, comes on the heels of the Indigenization and Economic Empowerment bill, which purports to give black Zimbabweans a controlling stake in domestic and foreign-owned firms.

Economist Nhlanhla Nyathi told reporter Patience Rusere of VOA's Studio 7 for Zimbabwe that this latest bill stands to damage the broad economy and the key mining sector in particular as Harare lacks the large capital the industry requires.

More reports from VOA's Studio 7 for Zimbabwe...