ZIMBABWE’S second largest platinum mining firm MIMOSA Mining Company said it was ready to embrace controversial indigenisation policies enacted in 2008 that compel foreign companies to cede a majority stake to locals.

During a tour of the company on Monday by journalists, MIMOSA managing director Winston Chitando said the company, which is carrying out mining activities in Zvishavane, will unveil a roadmap to comply with the country’s empowerment laws that stipulate that locals and foreigners should have 51 percent and 49 percent shareholding respectively.

Chitando said: “Our shareholders have always had plans to indigenise and localise the shareholding even before the promulgation of the (Indigenisation and Empowerment) Act.

“The regulations provide for sector specific arrangements. The Chamber of Mines of Zimbabwe is discussing with government for specific arrangements for the mining sector and once these are completed, then we can come up with our plan.”

The regulations came into effect on March 1 and gave foreign-owned companies 45 days to submit proposals to the Indigenisation Ministry on how they plan to comply.

President Robert Mugabe has said there is no going back on the controversial law which has caused apprehension among some foreign investors.

Prime Minister Morgan Tsvangirai says ministers are reviewing some aspects of the law.