On March 25th the government formally gazetted its Indigenisation and Economic Empowerment Regulations for the mining industry. These stipulate that every mining company that is not already majority-owned by indigenous (black) Zimbabweans must submit an indigenisation implementation plan by May 9th, and that the disposal of shares must be completed by September 25th. The new regulations change both the timetable and scope of mining-sector indigenisation: previously, the indications were that companies with a net asset value of less than US$500,000 were exempt from the indigenisation legislation, which will now apply to all mining firms with a net asset value of more than US$1, while the disposal of shares had to be accomplished within five years of the regulations' publication. In addition, there isn't any reference in the gazette to "empowerment credits" obtained through social investment by mining houses in schools, clinics or infrastructure, although there is a provision in the regulations for employee share-ownership schemes. Government officials say that more than 900 firms are required to sell 51% of their shares but virtually none have yet done so, although a sizeable number have put forward plans to "indigenise" their businesses over a five-year period-not surprising, given that was the limit previously set.

There are also a number of question marks over remuneration. The gazette states that the shares will be paid for-although it does not specify how-while they will be valued on a basis to be agreed between the indigenisation minister, Saviour Kasukuwere, and the mining company concerned. This valuation will take account of "the state's sovereign ownership of the minerals to be exploited"-an apparent attempt to reduce the amount that will have to be paid for the shares. However, the so-called designated entities that will buy the shares are under no apparent commitment to pay for them by September 25th.