Zimbabwe PM sees local ownership level being cut

"We are reviewing it," he told a mining conference in London. "Fifty-one percent is far, far too high."

The new coalition government hopes to agree a new local ownership level that is "comfortable" for investors, but still beneficial to the mineral-rich nation, he said.

Tsvangirai said he supported the concept of encouraging local businessmen, but the law also had to fair to overseas investors.

"There’s nothing wrong with indiginisation, for allowing local Zimbabweans … to participate in the economy of the country," he said. "What is wrong is to expect someone to bring money into the country and say we will take 51 percent of that."

The beneficiation of Zimbabwe’s large chrome ore reserves into ferro-chrome should be encouraged, prime minister Morgan Tsvangirai said on Tuesday.

“There is nothing wrong in encouraging beneficiation – it’s positive,” he said, speaking at Omega’s 6th Annual International Mining In Africa Conference. Beneficiating ore creates jobs,…