Reuters reported that Zimbabwe could take over mines that fall short of laws requiring them to sell majority stakes to locals by September.

Mr Saviour Kasukuwere the indigenization and economic empowerment minister of Zimbabwe said that many of the miners had submitted their proposals but they fell short of the empowerment regulations. We have now analyzed most of the proposals that have been submited to us and we seeing that many of them actually fall short.

Mr Kasukuwere said that "What we are now doing is basically to invoke the law and ensure that we, as government take over those assets if they are not prepared to compromise with the position of government."

The government in March issued regulations setting a June 2 deadline for mining firms to submit plans on how they intend to dispose at least 51% shares in their local operations to local black Zimbabweans by the end of September.

(Sourced From Reuters)