Mining Weekly quotes Zimbabwe’s Prime Minister Morgan Tsvangirai as saying that the country is currently reviewing its indigenization law and is considering lowering the 51% requirement for local ownership of foreign firms investing in the country.



Speaking at a mining conference in London, Tsvangirai stated: "We are reviewing it. Fifty-one percent is far, far too high."



He added that the new coalition government hopes to reach a new local ownership level that is comfortable for investors, but still beneficial to the mineral and diamond rich nation.



Tsvangirai pointed out that while he supported the concept of promoting local business, the law also must be fair to overseas investors.



The prime minister added: "It is wrong is to expect someone to bring money into the country and say we will take 51% of that."