Zimbabwe's Chamber of Mines and the Ministry of Mines and Mining Development have agreed on most issues regarding indigenization and empowerment, All Africa reported.

The announcement of the agreement came just ahead of the Chamber's 71st annual general meeting, set for next week. Nevertheless, the agreement is still pending the government's approval.

"Through consultations we came up with a position on indigenization and empowerment. After agreeing on the position we had discussions with the Ministry of Mines and we have agreed on a number of issues," Chamber of Mines President Victor Gapare said.

Among many issues agreed on was the issue of the legal requirement for 51% of equity in foreign owned and existing companies to be owned by locals, as enunciated in the indigenization and Economic Empowerment Act.

The agreed position states that local people would own a minimum of 15% in foreign owned mining and diamond mining companies, while the balance adding up to 51% shareholding would be met by way of credits attained through economic and community social empowerment programs by mining firms.