24 February 2012 -Zimbabwe update

A dispute with the Zimbabwean government over the plan requiring foreign miners to sell 51% of assets to government-designated entities has led to a fall in the share price today.  The group is to continue negotiations to try and achieve a satisfactory settlement.  If this can be achieved the the shares look cheap, but the uncertainty caused by the dispute is an obvious worry for investors in the short-term and for the time being we reduce our recommendation to HOLD.