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To: ms.smartest.person who wrote (883)	3/26/2006 10:15:07 PM
From: ms.smartest.person	Respond to of 3198

Zimbabwean about-turn over mining plans - 24th March 2006 Zimbabwe's state-owned press is reporting that mines minister Amos Midzi is to be censured for his efforts to indigenise the mining industry. Despite a series of comments from government sources indicating the ownership grab by the Zimbabwean authorities had met cabinet approval, the reports in the Zimbabwe Independent suggest an about-turn could be forthcoming. Mr Midzi is said to have championed the plans to acquire a 51 per cent stake in the country's mining interests, despite public opposition from the industry. Now the government is reportedly set to reprimand Mr Midzi for his remarks with "higher authorities, including President Robert Mugabe" due to give him a dressing down. Earlier this week Mr Midzi was reported to have vowed the country would "not be deviated from that policy", but now sources tell the Independent the minister has gone too far. "Midzi misdirected himself in uttering those misleading statements," a source told the paper. "Midzi has created problems for himself and government over the mines controversy. "He will be censured either publicly or in private by Mugabe or any other senior minister next week. His remarks have caused confusion and panic in the local business and international communities." According to the newspaper the cabinet has been divided over the issue, although last month it was claimed that approval for the policy had effectively been granted. Implats chief executive Keith Rumble met the Zimbabwean president last week to discuss the plans and register discontent on behalf of the second largest platinum company in the world. If the government does move ahead with its plans, foreign-owned mines would have to give up a 25 per cent stake for free and a further 26 per cent of their stock that would be paid for over time. track© Adfero Ltd Zimbabwe's state-owned press is reporting that mines minister Amos Midzi is to be censured for his efforts to indigenise the mining industry. Despite a series of comments from government sources indicating the ownership grab by the Zimbabwean authorities had met cabinet approval, the reports in the Zimbabwe Independent suggest an about-turn could be forthcoming. Mr Midzi is said to have championed the plans to acquire a 51 per cent stake in the country's mining interests, despite public opposition from the industry. Now the government is reportedly set to reprimand Mr Midzi for his remarks with "higher authorities, including President Robert Mugabe" due to give him a dressing down. Earlier this week Mr Midzi was reported to have vowed the country would "not be deviated from that policy", but now sources tell the Independent the minister has gone too far. "Midzi misdirected himself in uttering those misleading statements," a source told the paper. "Midzi has created problems for himself and government over the mines controversy. "He will be censured either publicly or in private by Mugabe or any other senior minister next week. His remarks have caused confusion and panic in the local business and international communities." According to the newspaper the cabinet has been divided over the issue, although last month it was claimed that approval for the policy had effectively been granted. Implats chief executive Keith Rumble met the Zimbabwean president last week to discuss the plans and register discontent on behalf of the second largest platinum company in the world. If the government does move ahead with its plans, foreign-owned mines would have to give up a 25 per cent stake for free and a further 26 per cent of their stock that would be paid for over time. track© Adfero Ltd platinum.matthey.com