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Hilbroy Advisory: Zimbabwe to take over all foreign-owned mining firms
Hilbroy Advisory: Zimbabwe to take over all foreign-owned mining firms
The new rules published Monday expand the law to include all mining companies valued at more than one dollar.
Montreal,
Quebec,
Canada
(prbd.net)
29/03/2011
Montreal, Quebec, March 28, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: All foreign-owned mining companies in Zimbabwe must sell majority stakes to locals within six months, under new rules released Monday that clouded the nation's drive for foreign investment.
The new rules marked the latest attempt by long-ruling President Robert Mugabe to squeeze cash out of the mining industry, after last month hiking exploration fees by 2,000 percent to one million dollars.
The controversial Indigenisation and Economic Empowerment Act issued last year required all foreign firms valued at more than $500,000 to sell 51 percent stakes to locals.
The new rules published Monday expand the law to include all mining companies valued at more than one dollar.
"A controlling interest, or the 51 percent of the shares or interest which in terms of the Act is required to be held by indigenous Zimbabweans in non-indigenous mining business," the new law said in the government gazette.
Companies are expected to complete their sale plans by May 9 and transactions must be finalised by September 25, according to the gazette.
After the collapse of manufacturing and agriculture during a decade-long economic crisis, mining now is the largest sector in Zimbabwe’s economy.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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