The Chamber of Mines of Zimbabwe, which represents companies including Impala Platinum Holdings Ltd., rejected a proposal for the state to control mineral production and prices, a draft response from the industry organization obtained by Bloomberg News shows.
Zimbabwe’s Movement for Democratic Change party will reverse a law forcing foreign and white-owned companies to sell 51 percent of their shares to black Zimbabweans if it wins this year’s election, Prime Minister Morgan Tsvangirai said.
Zimbabwe may fall short of its gold production target this year as prices for the precious metal decline and energy shortages strain operations, the Chamber of Mines of Zimbabwe, an industry group, said.
Zimbabwe is trying to reach an agreement to distribute its stones directly to China, Dubai and Israel without violating rules against the sale of gems from the Marange fields, Chris Mutsvangwa, chairman of the state-owned Mineral Marketing Corporation Ltd., said.
Rand Refinery (Pty) Ltd., the world’s biggest gold processor, said it intends to sell bullion bars in the U.S. market as part of a plan to expand processing metals mined outside South Africa and boost silver operations.
Graham Soko, a shopkeeper whose business straddles the railway line south of Lusaka station in Zambia’s capital, says he’s hoping to reap profits from the government’s plans to rejuvenate the dilapidated railway system.