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Mining giants Anglo American and Impala Platinum are in talks with Robert Mugabe's regime about handing over large stakes in their Zimbabwean subsidiaries to 'indigenous investors'.
The opposition party, the Movement for Democratic Change, and London-based analysts said it was likely that these deals, worth hundreds of millions of dollars, would be used to raise money for the regime.
MDC spokesman Nelson Chamisa said: "The indigenisation bill is another dimension of the kleptocracy. It's not intended to legitimately promote indigenous investment."
Mugabe this year rubberstamped "indigenisation and economic empowerment" laws, which will force all foreign companies in Zimbabwe to hand up to 51 per cent of their assets there to unspecified indigenous investors. It applies to all foreign companies but it is understood that the lucrative mining sector is being targeted.
Zimbabwe holds the world's second largest deposits of platinum, according to London-based bank Ambrian Capital.
Anglo American last week confirmed it was going ahead with its $400 million ($526 million) plan to open a mine, the biggest foreign investment in the country, despite the growing crisis.
The British-based company is prepared to hand over a 20 per cent stake in the project. Ideally it would like to sign up individual entrepreneurs, unions or pension funds as partners, but the Zimbabwean Government has vetoed the plans put forward.
South African-based Impala Platinum is also continuing talks about the transfer of a 15 per cent stake in its Zimbabwean subsidiary, Zimplats, which has a stock market value of £650 million ($1.7 billion).
The company wants to set up an employee shareholder scheme to prevent the money ending up in the hands of supporters of the regime but has also not been able to secure agreement from the Government.
Knox Chitiyo, head of the Africa programme at think tank the Royal United Services Institute, said: "The bill will almost certainly be used as a fundraiser for the Government, since to do well in business in Zimbabwe, political links are vital. In the short term, [it] could raise significant revenue for the Government."
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