Zimbabwe to Give New Ownership Law for Platinum by End-June

(Bloomberg) -- Zimbabwe will announce its new ownership policy for platinum and diamond mining by the end of June, Mines Minister Winston Chitando said.

“The policy will determine who can operate in the industries, who can enter the sectors and what the shareholding requirements will be,” Chitando said in an interview on Thursday at a mining conference in the resort town of Victoria Falls in northern Zimbabwe.

The country’s Chamber of Mines, which represents most miners, has called for the government to relax ownership of PGM metals and diamond mines in line with other minerals, citing the high cost of investment for most local producers. Zimbabwe scrapped a law requiring 51 percent local ownership for most mines in December, but kept the regulations in place for diamonds and platinum.

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