Reuters reported that Zimbabwe may give foreign miners more time to submit plans to transfer majority stakes to local black investors. Firms such Zimplats, the local unit of South Africa's Impala Platinum have asked for an extension of the deadline to submit empowerment plans.

Mr Mr Saviour Kasukuwere empowerment minister of Zimbabwe said that "Our teams are now working with some mining companies that have asked for more time to work on their new proposals and we will keep the public updated on the developments."

Zimplats was working on a proposal to submit by the end of November, two months past the original deadline to transfer majority stakes. It appears that the timeframe that Zimplats was given to amend its proposal was short and the company has now requested for about two months to work on another proposal.

Mr Much Masunda deputy chairman of Zimplats said that "A new proposal would be submitted to government before the end of November. The new plan will have an element of the community share ownership trust."

(Sourced from Reuters)