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Mugabe: White people have no place on our stock exchange

Staff writer |
Zimbabwe President Robert Mugabe's Zanu-PF party says it will soon launch a stock exchange in which only black people will be able to trade shares. The party also announced that it will take foreign companies without compensation.

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The plan to grab mining companies without compensation follows Mr. Mugabe's victory in elections which the opposition Movement for Democratic Change party and many civil rights groups say were rigged.

Saviour Kasukuwere, Zanu-PF's Indigenisation Minister in the former government, announced the party's plan. He said the incoming Zanu-PF government or black Zimbabweans would seize a majority stake in all major foreign-owned companies without compensation.

Zanu-PF especially wants to take mining companies and in particular Zimplats, a major platinum producer largely owned by South Africa's Impala Platinum Holdings Ltd. Other firms operating in the country include Anglo American Platinum (Amplats) and banks include Standard Chartered and Barclays.

Kasukuwere said mining companies that did not "cede" 51 percent shares to black Zimbabweans or the government would lose their operating licences. He added the natural resources or underground metals were sufficient to pay for majority shareholdings in mining companies.

"When it comes to natural resources, Zimbabwe will not pay for her resources," Kasukuwere said in an interview with Bloomberg.

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