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RioZim in Talks to Buy Murowa Mine

May 28, 2012 7:23 AM   By Avi Krawitz
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RAPAPORT... Zimbabwe's RioZim Limited has begun talks with Rio Tinto to buy the mining giant’s stake in ‎the Murowa diamond mine, Reuters reported. ‎

Rio Tinto owns a 78 percent stake in Murowa while RioZim owns the remaining 22 percent.  The talks follow a decision by Rio Tinto to divest from its diamond ‎business, which includes the Argyle mine in Australia and a 60 percent stake in the Diavik mine ‎in Canada.

RioZim is keen to exercise its preemptive rights to acquire Rio Tinto's shares in Murowa, ‎Reuters quoted Harpal Randhawa, whose private equity group Global Emerging Markets ‎recently bought 25 percent of RioZim, as saying at an investment conference in Harare.‎

‎"We're now in discussions with Rio Tinto to acquire the 78 percent of Murowa that they want ‎to offload," Randhawa said.‎

He noted that the firm was compliant with Zimbabwe's empowerment law as it was 54 percent ‎controlled by locals.‎
Tags: Avi Krawitz, diamonds, Murowa, Rio Tinto, RioZim, Zimbabwe
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