President Robert Mugabe today warned that no new licences will be issued to foreign companies to exploit Zimbabwe’s mineral wealth. He said the existing economic empowerment legislation that allowed foreigners to own a maximum of 49 per cent of the shares in businesses was too generous. “This 49 per cent is a whole lot of money…… What we should do in a much more massive way is to organise our people, put them together, our geologists, mining engineers. Let them form companies so that we don’t need foreigners…as no new foreign companies will be licensed.”
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