Here is the news from yesterday:
HARARE -- The Zimbabwe government has thrown out all 175 indigenisation proposals it received from mining companies and promised to boot out any firms that do not meet the September 31 deadline to transfer majority stakes to blacks, Indigenisation and Empowerment Minister Saviour Kasukuwere said yesterday.
Under the controversial law, foreign-owned miners with operations in Zimbabwe must sell at least 51 percent shares to locals or face losing their assets. (source here)
Obviously this is nothing more than outright robbery and thuggery from a backwards nation, but the outcome is far from clear at the moment.
With all of this bad news, Caledonia Mining Corporation shares (CALVF) are trading down near a major support level around $.09 to $.10. (Nine to Ten cents).
The outcome of this mining threat from Zimbabwe officials will most likely have a massive effect on the price of CALVF common stock. See weekly chart of CALVF below: