supa.jpgThe Affirmative Action Group, AAG, has condemned the acquisition of 89 percent controlling stake in Central Africa Gold plc by New Dawn Mining Corporation listed on both the Toronto and Frankfurt Stock Exchanges.

 

Central Africa Gold plc is a company underpinned by Zimbabwean Gold Mines.

In a presentation at the Mass Public Opinion Institute debate on Indigenisation in Harare last night, AAG President, Mr. Supa Mandiwanzira, called on the government to cancel all the gold claims held directly and indirectly by the Central Africa Gold.

New Dawn mining Corporation announced last week that it had bought an 89 percent controlling stake in Central Africa Gold (CAG) – owners of  Dalny Mine in Chakari, Golden Quarry Mine outside Gweru, Venice Mine South of Kadoma and Camperdown Mine in Shurugwi among many other Zimbabwean mining assets.

CAG is listed in London.

AAG president Supa Mandiwanzira said the deal flew in the face of indigenisation as it was done entirely offshore.

“ We cannot allow speculation on our assets. The mines are on care and maintenance,” said Mandiwanzira.

The AAG leader warned that if government allowed the transaction to go unchallenged, other multi-nationals could go on trading Zimbabweans assets without paying any attention to the country ownership laws as defined by the Indigenisation and Economic Empowerment Act.

“We know that the Zimbabwe government has no power to stop a transaction on the Toronto Stock Exchange,” he added.

 In his address at the Indigenisation debate last night, Mr Mandiwanzira said all Zimbabweans must embrace the empowerment drive as they will have no one to blame if they are left behind without economic power.