The government pins its hopes on mining to ease severe shortage of foreign currency
Harare — Zimbabwe’s government on Wednesday said it will unveil two new platinum mines by May as part of its plans to increase mining earnings to $12bn annually by 2023.
Over the past two weeks, crippling shortages of foreign currency have led to the fall of the local Real Time Gross Settlement against the US dollar, leading to yet another wave of price increases that have seen the price of bread almost doubling. To show its commitment to attracting investors, Zimbabwe’s government is also scrapping the controversial indigenisation policy that is largely seen as a stumbling block to investment. The indigenisation law prescribed that 51% of any investment should go to local owners.
President Emmerson Mnangagwa, who was guest of honour at the event, said the Karo Resources project had the potential to transform the crippled economy through the creation of jobs.Mnangagwa also appealed for more investors in the mining industry, assuring them that their investments would be safe.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mzi Khumalo's Zimbabwe mining empire crumblingWith about 1,400 Zimbabwean mineworkers owed $40m in unpaid salaries, benefits, and unremitted pensions in excess of $1m, it appears that Metallon Corporation, founded and chaired by one-time anti-apartheid activist Mzi Khumalo is teetering close to collapse.
Read more »
Mzi Khumalo's Zimbabwe mining empire crumblingWith about 1,400 Zimbabwean mineworkers owed $40m in unpaid salaries, benefits, and unremitted pensions in excess of $1m, it appears that Metallon Corporation, founded and chaired by one-time anti-apartheid activist Mzi Khumalo is teetering close to collapse.
Read more »
Acer unveils new range of gaming productsThe unveiling of a new brand by Acer recognises the massive computing power needed in creative professions.
Read more »
Cape Town clinics achieve platinum status for quality primary healthcare | IOL NewsThe City of Cape Town’s seven clinics have achieved platinum status in terms of the National Ideal Clinic Framework.
Read more »
New SABC board to decide fate of two execsGroup Chief Operations Officer Chris Maroleng has been found guilty of three charges related to gross negligence and breaching fiduciary duties as a director.
Read more »
Angst in Zimbabwe as price hikes thwart salary increase reliefJanet Ncube* a nurse who like all civil servants received a 29 percent salary increment on Monday, got angry when she woke up to the news of an effective 94 percent price increase for bread only a day later.
Read more »
Angst in Zimbabwe as price hikes thwart salary increase reliefJanet Ncube* a nurse who like all civil servants received a 29 percent salary increment on Monday, got angry when she woke up to the news of an effective 94 percent price increase for bread only a day later.
Read more »
Zimbabwe leader says compensation only for elderly white farmersThe Zimbabwe government will give priority to elderly white farmers when it starts compensating those who lost their properties.
Read more »
SA and Zimbabwe musicians band together for Cyclone Idai victimsSouth African music stars, promoters and Zimbabwean artists have come together to pledge their support for victims of tropical cyclone Idai that hit Mozambique, Malawi and Zimbabwe, last month.
Read more »