Zimbabwe's president Robert Mugabe kicks out private diamond miners, nationalizes industry

[Doobie Doo]

Zimbabwe's president kicks out private diamond miners, nationalizes industry

By Dmitry Rashnitsov | Feb. 22, 2016 at 1:49 PM

296 Comments

Zimbabwe President Robert Mugabe (R) removed private diamond mining companies from his country on Monday. File Photo by Maryam Rahmanian/UPI
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HARARE, Zimbabwe, Feb. 22 (UPI) -- Zimbabwe President Robert Mugabe on Monday ordered the expulsion of eight foreign diamond mining companies and turned over all mining operations to the newly formed, government-run Zimbabwe Consolidated Diamond Co.

Several companies abandoned their equipment, including: Anjin Investments Ltd., the Diamond Mining Co., Jinan Mining Ltd., Kusena Diamonds, Marange Resources Ltd. and Mbada Diamonds. These organizations were invited to nationalize their assets but they chose to stay as private entities and give up whatever little political capital was built up.

"Since they no longer hold any mining titles, these companies were notified this morning to cease all mining with immediate effect," Zimbabwe Mines Minister Walter Chidakwa said.

Zimbabwe ranked ninth in total diamond output in the world with 4.7 million carats in 2014, according to the fourth annual report on the global diamond industry prepared by the Antwerp World Diamond Centre and Bain & Co. Last year, Zimbabwe's production fell by 1.6 million carats and the government received $23 million in royalties and other fees from diamond mines, down from $84 million in 2014.

Zimbabwe's president kicks out private diamond miners, nationalizes industry

 

[BaggerofTea]

One of the few good things Mugabe has done. However he needs to redistribute those mines to black African owned companies, I don't trust Mugabe to completely do the right thing

 

[BocaRear]

 

[SeveroDrgnfli]

He's about to get the Muammar Gaddafi treatment. The US doesn't like when African leaders get ideas about making sure every African born in their country owns a percentage of its national resource. That's a radical idea like democracy or fair trade.

 

[Canon]

wonder how they gonna punish him for this tho?

 

[Poitier]

He's about to get the Muammar Gaddafi treatment.

lol

 

[PikaDaDon]

He's going to get Gaddafi'd

 

[ridedolo]

controlling ones resources sounds good to me

 

[Wiirdo]

I'm sure he'll redistribute the wealth among his people

 

[the cac mamba]

diamonds are one of the biggest atrocities ever perpetrated on this planet

everything about them. the production, the markup, its all just awful

 

[Ms.CuriousCat]

They are not nationalising but have refused to renew expired licences - they have ordered the companies to take their assets - the actual diamonds belong to Zimbabwe

Zimbabwe orders diamond mines shut, says not nationalising | Reuters

The latest move by President Robert Mugabe's government could further tarnish the country's image as a risky investment destination, with investors already unnerved by Mugabe's drive to force foreign-owned firms to sell majority shares to locals.

 

[Amestafuu (Emeritus)]

Made my day

 

[DrX]

RM ain't no sucka

But he's about to get forced out by cacs...

 

[Poitier]

Mugabe is 92 years old and African countries nationalize all the time. Cacs aren't going to force out a man destroying his own economy while his wife throws parties in London......TheColi

 

[Isaiah Bradley]

controlling ones resources sounds good to me

which has been his clear mission for a while now, but let others talk, they gonna ignore the consequences of such a mission in order to criticize his "failures"

Same intellectual dishonest by these folks was on display during Gaddafi's reign