Anglo Platinum has announced that it will go ahead with its mining operations in Zimbabwe despite a nationalisation law introduced by Robert Mugabe.

The bill will give locals the right to take a 51 per cent stake in foreign companies - including mines and banks.

Speaking to Reuters, Trevor Raymond, Head of Investor Relations at Anglo Platinum, said: "We will continue to engage Zimbabwe's Government."

Meanwhile, the mining industry remains uncertain over its future in Zimbabwe and Jack Murehwa, President of the Chamber of Mines, said: "For as long as the revision of mining laws is not completed, investment will most likely stay away from Zimbabwe."

Speaking to the Zimbabwe Guardian he said investors will not be attracted to Zimbabwe as long as they "do not know the rules of the game".

However, diamond mining firm Rio Tinto has supported the move saying it is positive as long as it "does not discourage much needed overseas investment".

Reports have claimed that Mugabe has signed the bill as he digs in before elections due to take place from March 29th.

Source:

Mining companies brave Zimbabwe nationalisation, 11/03/08

http://africa.reuters.com/business/news/usnBAN123275.html

Uncertainty grips foreign-owned businesses, 11/03/08

http://www.talkzimbabwe.com/news/117/ARTICLE/1847/2008-03-11.html


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