Rio Tinto submits ownership plans

Rio Tinto plc has submitted its plans to meet the Zimbabwe ownership law by this Thursday, and is hopeful that its proposal will be accepted, according to Niels Kristensen, managing director of the company's operations in the country.

"Discussions are currently underway with government with a view to finalising the plan," Kristensen said here in an e-mailed statement. He didn't give details of the proposal to increase the ownership by black people in the company's Murowa diamond mine.

Zimbabwe gave foreign companies until yesterday to submit plans to cede 51% of their assets to Zimbabweans.