March 12, 2015 / 11:22 AM / 3 years ago

Zimbabwe says to merge all diamond mines under one company

HARARE, March 12 (Reuters) - Zimbabwe is planning to merge all diamond mining companies, including the local unit of Rio Tinto, into one big firm in which the state will own half of the shares, the minister of mines said on Thursday.

President Robert Mugabe’s government is pursuing a black economic empowerment programme, known as indigenisation, that requires foreign-owned companies, including mines, to sell 50 percent of their shares to black Zimbabweans. (Reporting by MacDonald Dzirutwe; Editing by James Macharia)

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