Aquarius Platinum says that the Zimbabwean government has detailed new guidelines for boosting the level of indigenous ownership in the country's mining industry, which it says are viable.

In a statement to shareholders the firm revealed that Zimbabwe's Ministry of Mines has established a series of indigenous ownership targets that are likely to form the basis of new legislation.

Under the proposals 20 per cent of the industry would be owned by indigenous people within two years, 25 per cent within seven years and then 30 per cent after ten years.

Aquarius says it views the proposals as "achievable", if it can raise the necessary funds.

The firm says it will aim to study the full text of the Mines and Minerals Act in greater detail before providing further comment.

Aquarius also says that it will be seeking to discuss the proposals with the government to provide "further certainty to the company and all its stakeholders".

Last month Zimbabwean President Robert Mugabe provoked widespread concern in the platinum industry after suggesting that the state would seek a 50 per stake in mining operations - a proposal later retracted by the government.