Zimbabwe’s Chamber of Mines asked Vice President Joice Mujuru to intervene and secure an extension of a deadline for foreign companies to cut their stake in local operations to 49 percent, Newsday reported, citing Victor Gapare, the chamber’s president.

Miners should be given 5 to 10 years to comply with the directive instead of six months, the Harare-based newspaper cited Gapare as saying in a letter to Mujuru. The Indigenization and Economic Empowerment Act may result in a decline in production at the country’s mines and capital flight, it said.

Buyers of the shares won’t be able to raise the money for the sale now given liquidity constraints in the country, the newspaper reported.

(Source)