president mugabe during zvishavane trust launch 16-02-12.pngThe Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces, President Robert Mugabe has urged all mining companies operating in Zimbabwe to cede 51% share equity to indigenous Zimbabweans as required by the law.

“It is now a legal requirement that all non-indigenously-owned mining companies dispose of at least 51% equity to indigenous Zimbabweans,” the President said.

 

Cde Mugabe was speaking at the official launch of the Zvishavane Community Share Ownership Trust at Mimosa Platinum Mine this Thursday.

He said Zimbabwe is determined to forge ahead with the indigenisation and empowerment drive.

President Mugabe told the gathering that included traditional, political and business leaders that those who think he is politicking on the indigenisation drive must think again.

zvishavane share ownership trust 16-02-12.png“It is important to note that no country can develop based on the exclusion of its majority,” he added.

The President said Community Share Ownership Trusts shall in principle and practice be allocated 10% shareholding.

Chiefs Mapanzure, Mazvihwa, Hwedza, Masunda and Mafala received US$10 million as seed capital and 10% equity share from Mimosa Platinum Mine.

 

The Zvishavane Community Share Ownership Trust is the third in the country after the Mhondoro Ngezi and Tongogara Community Share Ownership Trusts.