Zimbabwean President Robert Mugabe is threatening to halt exports of raw platinum to South Africa unless three producers set up a refining plant in the country.
Zimbabwe held an auction of 300,000 carats of gems from its Marange diamond fields last week, Mines Minister Obert Mpofu said.
Zimbabwean President Robert Mugabe stacked his new cabinet with ruling party loyalists, signaling a return to policies that caused a 40 percent contraction in the economy.
Zimbabwean President Robert Mugabe named Patrick Chinamasa as finance minister and replaced his mining and indigenization ministers in his cabinet after winning elections in July to extend his 33-year rule.
A trade embargo on diamonds from Zimbabwe’s Marange fields has cost the southern African nation about $30 million, Mines Minister Obert Mpofu said.
Zimbabwe has “no choice” but to accept the supervision of diamond exports from the southern African nation, Mines Minister Obert Mpofu said.
Zimbabwean Mines Minister Obert Mpofu said there had been no human rights abuses in the country’s Marange diamond fields.
Zimbabwe seized some land owned by Zimplats Holdings Ltd., the country’s biggest platinum miner, “with immediate effect,” Mines Minister Obert Mpofu said.
Zimbabwe will cancel all mineral claims held by Maidstone, England-based African Consolidated Resources Plc , said Obert Mpofu, the country’s mines minister.
Zimbabwe plans to raise royalties payable by platinum miners to make producers process the metal in the country, Mines Minister Obert Mpofu said.
"We estimate that to date $30 million has been confiscated by agencies in transit to Zimbabwe and I know this is a concern to all of us."
- Obert Mpofu on Nov 13, 2012