The birth of a coalition government in Zimbabwe, in which President Robert Mugabe works side by side with his long-time political opponent, Morgan Tsvangirai, now Prime Minister, has brought considerable relief to the troubled but mineral-rich country.

After working for several weeks in the government, Tsvangirai reported that Harare plans to amend the bill on mining, approved by the Cabinet in 2006, but never became law.

If this bill became law, foreign companies would not be allowed to own more than 49% of any business and they would have to sell any stake in excess of this rate to Zimbabweans.

Minerals covered by this legislation included gold, diamonds and platinum.

"We are reviewing it (a bill on mining). The new coalition government hopes to come to an agreement on a new local property rule that would be comfortable for investors, but at the same time beneficial for a rich country, "Tsvangirai said.

Minister of Mining Industry Development Obert Mpofu recently reported at a conference in South Africa on mining issues that the revision of the draft law is aimed at establishing a balance between attracting investors and nationalizing joint ventures.

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