Rio Tinto Says Zimbabwe Partly Approved Mine Indigenization Plan
Stock Chart for Rio Tinto PLC (RIO)
Rio Tinto Group said it received partial approval from the Zimbabwean government for its plan to increase ownership of the Murowa diamond mine by black citizens of the country.
“The company continues to constructively engage with government on other elements with a view to finalizing its full indigenization plan with the aim of ensuring a successful and sustainable transaction,” London-based Rio Tinto, the world’s second-largest mining company, said today in an e-mailed statement.
Zimbabwe gave foreign companies until June 2 to submit plans to cede 51 percent of their assets to local citizens. Rio said its plan was presented on May 9.
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