New Dawn defends Zimbabwe move
27th Feb 2012
TORONTO, Feb 27 – Canadian company New Dawn Mining has denied reports that its subsidiary Falcon Gold Zimbabwe has been attempting to circumvent the indigenisation process in Zimbabwe.
New Dawn defended the decision to transfer the the Chiutsa base metal block of claims to a newly-registered Zimbabwe subsidiary, Great Punch Investments.
It says the change was made to separate its base metal exploration projects from gold mining development and exploration properties and projects for financing, management and operational purposes.
As Great Punch is a wholly-owned subsidiary of Falcon Gold, it says the beneficial ownership of the claims is unchanged.
New Dawn says its subsidiaries will continue to operate in line with the government indigenisation policy requiring all domestic businesses to be 51% owned by indigenous Zimbabweans.
Confidential discussions are continuing on the finalisation and implementation of the company's indigenisation plan.
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- GOLD
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- HEAVY METAL
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- INTERCEPTS
- African Rainbow profit up
- Alberta Coal IPO flagged
- Alchemy expands in Bryah Basin
- Alkane begins funding drive
- AMS wins contract extension
- Atlas buttressed for growth
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- Coalspur has Vista covered
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- Elementos grows profile
- Endeavour to up West African spend
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- ERA aiming to solve Ranger problems
- Exxaro expected to speed Mayoko devt
- Fahiakoba exploration to begin
- Falcon to acquire Templer's silver
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- FLSmidth presses on
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- Gold Anomaly talking big
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- PEOPLE
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- PROJECT WATCH
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- SOUTH AMERICA
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- UnCUT
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- VIEW FROM THE WEST END
- Oops
