Zimbabwe is set to acquire a 26% stake in new mining projects on a free carry basis, with plans to negotiate similar stakes in existing operations. The country aims to increase its share in significant mining ventures as part of a broader effort to strengthen resource nationalism and secure more profits from its vast mineral wealth.
Pfungwa Kunaka, Zimbabwe’s Secretary for Mines, stated in an interview with Bloomberg that the government’s goal is to reach a 26% ownership in major mining projects. However, this will involve negotiations with current investors and operators already active in the country’s mining sector. Kunaka emphasized that adjustments to existing agreements will require careful discussions, as decisions made in the past were based on different frameworks. “Obviously when you have decisions which were made some years back… it takes negotiations,” Kunaka explained.
The move comes as African nations, including Zimbabwe, increasingly seek to control a larger share of the profits from their natural resources. With significant deposits of gold, platinum, lithium and chrome, Zimbabwe is home to operations by global mining giants like Zimplats Holdings, Anglo American Platinum’s Unki mine, and RioZim.
While Kunaka did not specify how the government plans to finance its acquisition of these stakes, he noted that the policy would be implemented next year. The Zimbabwean government currently holds a 15% free carry stake in the platinum mining operation of Karo Resources, as listed on the company’s website.
The shift toward greater state ownership of mining assets is part of a broader regional trend as African nations aim to gain a more substantial share of the wealth generated by the extraction of their resources.
