Zimbabwe nationalises mines to check high inflation

 
Last Updated: Saturday 04 July 2015

Zimbabwe: Nationalising resour (Credit: REUTERS)Zimbabwean president Robert Mugabe has threatened to seize foreign-owned mining and other companies in the country to check their "dirty tricks" that kept prices of basic goods high in spite of rampant inflation. Mugabe held manufacturers and retailers responsible for the country's high inflation rate (around 5,000 per cent) and warned that business managers who raise prices will be arrested. He accused them of economic sabotage in the country to overturn his government.

A legislation to nationalise the mines has already been introduced in parliament. It asks for a 51 per cent equity stake for Zimbabweans (black nationals) who had previously been disadvantaged because of their race.

Meanwhile, the Democratic Republic of the Congo deported around 350 foreigners and closed many mining depots on June 27 to stamp out illegal mineral sales in Katanga province.This has sparked protests from hundreds of mining diggers who blocked the streets in Kolwezi town.

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