Essar to get mining rights


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Industry and Commerce Minister Welshman Ncube today said there are no sticking issues to the transfer of mining rights to Essar Global, which acquired a 60 percent stake in Ziscosteel from government. The US$750 million deal appeared to be on the rocks following reservations from the Ministry of Mines that Essar had acquired most of Zimbabwe’s iron ore mining rights, held by Buchwa Iron Ore Mining Company for a pittance. Deputy Minister of Mines Gift Chimanikire said the rights, an estimated 32 billion tonnes of iron ore, would not be given away for a “bowl of soup”.

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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