Zimbabwe PM Says Local Ownership Rule Too Stringent

Reuters reported Prime Minister Morgan Tsvangirai said Zimbabwe’s local ownership rules for foreign mining companies are too stringent.

As quoted in the market news,

Under the controversial law, the Zimbabwean units of international firms are eventually required to become majority-owned by local blacks.

The change in ownership will take years, Tsvangirai said, with even a minimum of 30 percent as an initial threshold being too high.

Click here to read the full Reuters report.