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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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