Zimbabwe's mines minister Wednesday said his department has "no intention" to cancel mining licenses in connection with ongoing negotiations between the government and mining companies over the implementation of the country's indigenization law.

"We have no intention of cancelling any licenses. There are some negotiations taking place with some parties. No license has been cancelled. We have no such intentions," Obert Mpofu told the Zimbabwe Mining Indaba, or meeting, in Harare.

Mpofu is the mining licensing authority in Zimbabwe.

The indigenization law, enacted in 2008 but only being more forcefully implemented now, requires multi-nationals to sell a 51% stake in local assets to designated black-owned entities.

Mpofu also said that 400 firms have applied to mine diamonds in the country and some have been approved.

-By Farai Mutsaka, contributing to Dow Jones Newswires; +263 913 245 860; fmutsaka@yahoo.com

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