Zimbabwe: Diamonds

Foreign and Commonwealth Affairs written question – answered on 5th March 2007.

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Photo of Geoffrey Clifton-Brown Geoffrey Clifton-Brown Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Secretary of State for Foreign and Commonwealth Affairs what assessment she has made of the likely impact of the Zimbabwean Government's plan to nationalise the country's diamond resources on UK interests in Zimbabwe.

Photo of Ian McCartney Ian McCartney Minister of State (Trade & Investment), Department of Trade and Industry, Minister of State (Trade & Investment), Foreign & Commonwealth Office

We are not aware of any firm action to nationalise the country's diamond resources. However, we understand that the Government of Zimbabwe is currently considering the introduction of a new Bill enabling them to compel foreign owned companies to cede half their equity to indigenous owners across all industrial and commercial sectors. Our Embassy in Harare continues to monitor developments on this issue. We would of course oppose such a move as economically destructive.

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