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Indigenisation
and Economic Empowerment (General) Regulations, General Notice 114
of 2011
March 25, 2011
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INDIGENISATION AND ECONOMIC EMPOWERMENT (GENERAL) REGULATIONS,
2011
Minimum
Requirements for Indigenisation Implementation Plans Submitted by
Non-indigenous Businesses in the Mining Sector
IT is hereby
notified that Minister of Youth Development, Indigenisation and
Empowerment has, in terms of section 5(4) of the Indigenisation
and Economic Empowerment (General) Regulations, 2010, published
in Statutory Instrument 21 of 2010, prescribed the minimum requirements
for indigenisation implementation plans submitted by businesses
in the mining sector.
Definitions
1. For the purposes of this notice -
“designated
entity” means -
(a) the national Indigenisation and Economic Empowerment Fund; or
(b) the
Zimbabwe Mining Development Corporation established in terms of
the Zimbabwe Mining Development Corporation Act [Chapter 21:08];
or
(c) any company or other entity incorporated by the Zimbabwe Mining
Development Corporation or the Fund for the purposes of this notice;
or
(d) a statutory sovereign wealth fund that may be created by law;
or
(e) an employee share ownership scheme or trust, management share
ownership scheme or trust or community share ownership scheme or
trust that complies with section 14, 14A or 14B of the regulations;
“minimum
indigenisation and empowerment quota” means, as the case may
be -
(a) a controlling
interest or the fifty-one per centum of the shares or interests
which in terms of the Act is required to be held by indigenous Zimbabweans
in the non-indigenous mining business concerned; or
(b) if the minimum indigenisation and empowerment quota is partly
fulfilled by the non-indigenous mining business concerned at the
date of this notice, the share of that quota that is remaining to
be disposed of to indigenous Zimbabweans in order to be completely
fulfilled;
“non-indigenous
mining business” means a business referred to in paragraph
2 of this notice.
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