Mine Expropriation without Compensation?

Zimbabwean President Robert Mugabe’s party ZANU-PF has proposed a measure to seize majority stakes in foreign-owned mines without paying compensation, ahead of an election expected this year. According to a draft seen by Reuters, Mugabe’s Zanu-PF wants to change laws compelling foreign companies, such as the world’s top two platinum miners, to turn over majority stakes to local blacks by removing any obligation to pay for the stakes. The empowerment drive is part of Mugabe’s re-election campaign and also ties in with Zanu-PF’s plan to portray itself as a black liberation movement recovering assets seized by white colonialists. “The motivation for this position arises out of the desire to ensure that the people of Zimbabwe benefit fully, and without cost whatsoever from enterprises that exploit their God-given natural resources,” part of the notice said.

We just shake our heads….when will it end?

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