Saviour Kasukuwere, the Indigenisation Minister, said that a sovereign wealth fund would be created that would own 51 per cent of the mines, which account for a third of the country's GDP.

The regulations are to take effect at the end of next week.

"In the mining sector specifically, we have been getting a raw deal all this time, with companies taking money out of the country," Mr Kasukuwere said.

His comments echoed statements by Mr Mugabe last week in which he threatened to seize businesses based in countries - chiefly Britain - that imposed sanctions against him and his associates.

A year ago Mr Kasukuwere stunned Zimbabwe's business community when he introduced "indigenisation" regulations to force white and foreign-owned businesses worth more than $US500,000 to "cede" 51 per cent of their shares to black Zimbabweans.

It was specifically named by Mr Mugabe as a target.

Anglo American's Anglo Platinum, the world's biggest platinum producer, commissioned a $US300m start-up investment in a $US3.4bn platinum project at its Unki mine last year.

Rio Tinto has put on hold a $US300m expansion for its Murowa kimberlite diamond mine because of uncertainty over Mr Mugabe's nationalisation plans.

None of the companies was immediately available for comment.

Business leaders believe that Mr Kasukuwere's move will halt new investment, set off swift disinvestment and produce huge job losses.

The economy has experienced its first growth in a decade, after the formation of a coalition Government in 2009, with the former pro-democracy opposition leader Morgan Tsvangirai now Prime Minister.

Mr Tsvangirai and his colleagues in the coalition have been struggling to lure investment in the face of the continuing threats of nationalisation by Mr Mugabe and his ministers. 

By Staff reporter and agencies