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Sovereign Wealth Funds Briefing - Categorized | Market, Trends

Zimbabwe: Mugabe’s wealth fund to grab 51pct of mining industry

Posted on 10 March 2011

From Theaustralian.com.au: President Robert Mugabe is about to seize control of Zimbabwe’s foreign-owned multi-billion-dollar mining industry. Saviour Kasukuwere, the Indigenisation Minister, said that a sovereign wealth fund would be created that would own 51 per cent of the mines, which account for a third of the country’s GDP.
The regulations are to take effect at the end of next week. “In the mining sector specifically, we have been getting a raw deal all this time, with companies taking money out of the country,” Mr Kasukuwere said……………………………………….Full Article: Source


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