Bloomberg News

Rio Tinto ‘Hopeful’ Zimbabwe Ownership Plan Will Be Accepted

June 03, 2011

June 3 (Bloomberg) -- Rio Tinto Plc submitted its plans to meet a Zimbabwe ownership law on May 9 and is “hopeful” the proposal will be accepted, said Niels Kristensen, managing director of the company’s operations in the country.

“Discussions are currently underway with government with a view to finalizing the plan,” Kristensen said in an e-mailed statement late yesterday. He didn’t give details of the proposal to increase the ownership by black people in the company’s Murowa diamond mine.

Zimbabwe gave foreign companies until yesterday to submit plans to cede 51 percent of their assets to Zimbabweans.

To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net

To contact the editor responsible for this story: Gordon Bell at gbell16@bloomberg.net


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