Two stories about Zimbabwe

Two stories about Zimbabwe were in the news today. First from London Daily Mail:

Ian Smith, the defiant leader of Rhodesia for 15 turbulent years, dies aged 88
His last years were spent in exile, watching with a mixture of sadness and self-regard as his home country slid deeper into despotism and utter ruin.

"I told you so," would serve well as an epitaph for Ian Smith, the colonialist who defied black African nationalism, the British Commonwealth and the UN to unilaterally declare Rhodesia independent under white rule.

The tough former RAF fighter pilot died, aged 88, with his black Marxist nemesis Robert Mugabe still in power in what is now Zimbabwe.

And:

When I visited his home, on his 88th birthday last Easter Sunday, I was told emphatically: "Mr Smith does not speak to anyone, any more."

What was happening in next door Zimbabwe spoke for itself.

Second from The Times Online

Mugabe grabs platinum and diamonds
President Mugabe unleashed a devastating new blow to Zimbabwe�s mortally wounded economy yesterday, announcing a new law giving the state a controlling stake in mines operating in the country.

Under the Mines and Minerals Amendment Bill, the Government can take over 51 per cent of companies mining strategic fuels and minerals, taking 25 per cent without paying.

The balance of 26 per cent it needs for a majority shareholding will be paid for, it said. However, the Bill brazenly asserts that payment will come from dividends earned from the state�s shares in the companies it takes without having to pay. It gives the state seven years in which to do it.

The Bill justifies its seizure �in virtue (sic) of its original ownership of all useful minerals in its subsoil�. Companies mining other minerals will be taken over by indigenous Zimbabweans. The method of payment is not specified.

Much of Zimbabwe�s mining industry has been wrecked by Government interference but the ripe plum remaining is the fast-growing multibillion-dollar platinum industry. The largest company with such interests is Zimplats, the local subsidiary of South Africa�s Impala Platinum, which is the world�s second-biggest producer of the precious metal.

Already producing $10 billion (�5 billion) of platinum a year, Zimplats is carrying out a billion-dollar expansion programme to double its output and make the mine one of the world�s biggest. It is by far the biggest foreign investment in Zimbabwe since the country�s independence in 1980. Also in the Government�s sights is the London-based Rio Tinto�s Murowa diamond mine, which has cost $78 million to set up and is on the verge of starting a $270 million expansion.

No comment was available from either of the two companies. The Zimbabwe Chamber of Mines said that it was studying the Bill. Doug Ver-den, a spokesman, said: �It doesn�t look good.�

Let's see now, with inflation scheduled to hit a whopping 100,000 percent by the end of this year and with outside investments in telecom, electrical and wireless services already 'Nationalized' what business will look to invest in Zimbabwe. Mugabe needs to go now... Smith on the other hand was made of some strong stuff. The Daily Mail obit has quite a few stories -- would have been a fascinating person to have a few beers with...