ZIMBABWERio Tinto cedes Murowa stake

Rio Tinto would give up a 51 percent stake in its local diamond unit Murowa, the Zimbabwe Herald reported on Saturday, making it the first foreign-owned firm to voluntarily comply with the country’s local ownership law. “Murowa Diamonds wrote to us saying they have given up 51 percent of shares and these would be given to our people,” Indigenisation and Empowerment Minister Saviour Kasukuwere was quoted as saying. Murowa officials were not available for comment. The criticised law is aimed mainly at mining firms and banks. – Reuters