The Government of Zimbabwe is working on a new diamond and platinum mining policy to replace the old one which courted controversy and was largely viewed as an obstacle to foreign investment .
Speaking to investors in Anhui on Thursday, President Mnangagwa acknowledged that the old policy impacted negatively on diamond and platinum performance, hence the need for an urgent review, Herald reported.
The controversial policy stipulated that ‘indigenous’ Zimbabweans be granted 51% interest in any foreign investment in the diamond and gold mining sectors.
“Very soon we should be able to come up with a new policy to govern these two,” he said.
When Mnangagwa assumed power last November, he reviewed the 51-49 percent requirement saying this was affecting investment into the economy. Investors saw the softening as a positive move.
Over the past four months, the new dispensation has focused on improving Zimbabwe’s ease of doing business, resulting in more than $7 billion worth of capital inflows.
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