President Mugabe to launch Mimosa community trust

The launch will be attended by Youth Development, Indigenisation and Empowerment minister, Saviour Kasukuwere and senior government officials. 

The trust, the third to launched after government gazetted regulations stipulating that locals will have 51% shareholding in foreign companies, will see the platinum miner transferring 10% to the community.

Zimplats launched the Mhondoro—Ngezi –Zvimba community share ownership trust in October while Unki launched the Tongogara Community Share Ownership Trust in November.

Mimosa is wholly owned by Mimosa Investments Limited, a Mauritius-based company jointly held by Implats and Aquarius Platinum Limited (Aquarius) in a 50-50 joint-venture.

Officials from the ministry of Youth Development, Indigenisation and Empowerment confirmed the launch of the trust but would not want to be drawn into confirming whether President Mugabe would attend the meeting as they are not mandated to speak for the President.

Invitations for the functions will be sent out Wednesday, according to close sources.
Since government gazetted the regulations governing the empowerment legislation last year, there has been concern that the programme will scare away investment needed to rebuild the economy.

This has fallen on deaf ears.

Kasukuwere recently said that the empowerment programme would be underpinned by three areas: setting up the community share ownership trust, employee trusts and the sovereign wealth fund.

Old Mutual and Meikles Limited have already set up employee trusts while other trusts and community share ownership trusts are on the way.