News24

Zimbabwe gives Implats ultimatum

2012-02-27 08:45

Johannesburg - Impala Platinum CEO David Brown will travel to Zimbabwe for talks this week after it gave the company 14 days to transfer to it more than half of Zimplats, according to a report on Monday.

About 43% of Impala Platinums' (Implats) platinum resources are held through its 87% stake in Zimplats, Business Day reported.

The company was notified last week that it was required to transfer a 51% stake or enforcement measures would be taken.

"Unless progress is made within 14 days to transfer the required shareholding [in lieu of the empowerment credits] to the National Indigenisation and Economic Empowerment Fund, the enforcement mechanisms will be activated," the government said.

In the letter, which was delivered last week by Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere, the government said it rejected the proposed release of ground in exchange for empowerment credits.

Comments
  • Jack - 2012-02-27 09:12

    So David Brown finally sees it that the Zimbos dont joke when it comes to the ruthless march.... After all the arrogance he was throwing all over the place? Zim is not RSA...

  • ludlowdj - 2012-02-27 09:20

    What are Mr Brown and co going to do, when Zim seizes all of its assets and throws all its personnel out of the country. Impala Platinum is in for a very rough ride.

      Gerhard - 2012-02-27 17:11

      The world will take notice. There will be no more investment in Zim. Bob is digging his own grave and that of all other citizens.

  • Albertus - 2012-02-27 10:04

    This is a joke, does Bob and the Boys know how to run a large mining operation? Will they be liable for 51% of it's loses? Don't know if they are watching the Implats share? Impala has got a major strike at hand in there Rustenburg operations and is currently running at a R20 000 000.00 loss per day? Zimplats has not got a refinery or a smelter - this will cost them 50 Billion US, that is more than their GDP for 10 years, hahaha. Bob you and you alone broke the back of the Zimbawe people - the world bank is ignoring you and now you believe that you can further your land grab policy with international companies - that will not aid you one bit.

      Gordon - 2012-02-27 11:50

      The chinese will bail the Zim govt out of the sh*t when it falls to pieces. Either through supplying cheap slave labour, operational mgmt, or cash. Who will ultimately end up with the value from the resources? I think Bob is just trading his western masters for eastern ones....

  • Nyiko Ngobeni - 2012-02-27 11:19

    If you bear in mind that a state owns the natural resources in its territory, then you won't be suprised that its entitled to maximise the amount of value it gets from those resources. A bit of reading on the subject will help clouded minds..

      Fred - 2012-02-28 15:32

      The norm is for the state to own the mineral rights and to use these to obtain a (usually minority( share in mining companies. It is not to expropriate shares belonging to overseas shareholders. This is a neocolonial idea that has failed horribly everywhere.

  • Blessed Ndlovu Maratuza - 2012-02-27 11:34

    I hope the Implats guys wont try to fight this, because when the Zim gvt gives u ultimatum they r not playing.. They either lose 51% or they lose it all..

  • Johnathon - 2012-02-27 12:01

    I am really surprised that so little is known of Mugabe's past. During the bush war he was actually shot 16 times through the head. Fortunately no vital organs were hit, and he walked on smiling and waving at his troops

  • Johnathon - 2012-02-27 12:18

    Hi Ngobeni & Maratuza. I really do have a clouded mind I must confess. What I have to say may sound like complete rubbish to you both, but let me continue as well. All mining companies operate on making a minimum return on the astronomical costs to prospect, developed and run a mine. If people like Mugabe feel all the profits are theirs, and the mine must only get peanuts, the mining company will pull out of Zim anyway, and leave the mining to the highly skilled Zimbo's that the country is so lucky to have in such abundance. Also this very popular belief that all Africa's mining riches belong to its people alone, please give me one, yes only one, no I am serious just one example in all of Africa's 58 states, were Africans have prospected for, drilled for, used Geological skills for, found finance for, found world markets for, supplied very highly skilled mining engineers along with unbelievable business and management skills, to create a profitable working mine. All I am asking for is one single example in the whole of Africa. The resources may belong to Africa as you insist, but if it wasn’t for the Western Mining companies, after more than a 1000 yrs of African inhabitancy, not one single ounce of mineral resources would ever have reached surface. Please convince me as to just how wrong and misguided i am.

      Kudzanai - 2012-02-27 13:13

      We don't have to go far to answer that one chap, here in your very backyard (South Africa) reside black owned mining companies with full oversight of the mining process from prospecting right up to beneficiation..few they might be but exist they do so get off your high horse idiot! Let me paint a clear picture of the future for you: we Africans, sons and daughters of this fertile, rich, mineral infested lands, the heirs to all its abundant wealth, will take whats rightfully ours and fend for ourselves..the problem is not that we cant,its that the current paymasters wont let us take what belongs to us..Africans are as educated as any if not more so, we have geologists, engineers, quantity surveyors, knowledgeable business people, all the human capital needed to oversee our own operations..Africa is rising bru, I hope you can smell the coffee!

      david.lebethe - 2012-02-27 13:14

      You have most probably not heard about Patrice Motsepe and Gijima owner who bought the lions rugby club. We have black tycoons (let alone academics) right in your backyard.

      Blessed Ndlovu Maratuza - 2012-02-27 13:23

      @ Johnathon. > I hear u, u r probably 99% correct with yo facts n yo stats,, Im a zimbo too, i know those guys and how they think,. If its about wat they want, its either their way or noway. If Implats if not prepared to comply they should pull out now before they lose more than 51prcnt.

  • Johnathon - 2012-02-27 14:35

    Kudzanai - Thank you so much for your comments. You really give me hope that Africans are successfully running mines here in South Africa. All I was aware of so far was Aurora, and Imperial Crown Trading ( used to wash hospital sheets before professing to be mining experts ) If we have a huge growth of black mining entrepreneurs, our country will be on the path to unimaginable success. I could push my point ie No true, all African capital was used in the start up of any of these mines, and that they will have been supported by existing local mining expertise up to the hilt. Further the mines will be situated in main mining fields, which over the years have been prospected to death, with all geological and mining plans readily available. I have met black geologists , engineers, surveyors etc of very high intellect and extreme competence, who will be able to efficiently expand the local deposits of the operating mines, that have been legally taken over by the black mining entrepreneurs. I wish them every amount of success, and hope that their shining example will be a source of inspiration to the educated black youth which are coming into our economy in ever increasing numbers. Kudzanai, this country so badly needs forward thinking individuals like you. I mean every word I have said. Go for it bru.

      Jay - 2012-02-27 15:34

      Whilst I read with absolute interest in your points, both from Kudzanai and even Maratuza, do address the real issue here please. All Mugabe is doing is wanting to destroy and loot what is partially available to Zim. This asset belongs to the people of Zim. Not ZANU PF. Do not be oblivious to the fact that HE PERSONALLY together his band of CORRUPT POLITICAL THUGS will loot from the riches of this mine and WILL NOT PASS A DIME OVER TO HIS PEOPLE who are the real "owners" here. What has Mugabe really taken over from Multinationals and GIVEN back to his own people? How much of his stolen loot is in Malaysia & China? It will also become inevitable that he will then GIVE THIS operation to his Chinese Masters for nothing. PROVE ME WRONG CHAPS. Re open this discussion in 24 months.

      Kudzanai - 2012-02-27 17:00

      I must profer a word of apology to Thinkertank for my stern language in the previous post..such does nothing to aid the current quagmire we Africans find ourselves in..like Jay makes mention of, it is highely unlikely that the moves by the powers that be in Zim are being done with public good in mind, rather continuation and advancement of the status quo for a select few..this perfectly summarises the issues we must grapple with as we emerge from our slumber, the fact that the paymasters of all have vested interests which they have no intention of giving up, added to current leaders being self serving and not having the greater good mentality true leadership demands at this juncture..how shameful is it that with all our educated masses, Africans are still mostly a consumer people with negligible productivity to talk about? What use are all the Masters degree and PhDs we amass, when we as a people seldom produce any of the basic good that we require to survive..the time is nigh to the African to take responsibility and bring something to the global table..I dream of the day when we will have an African car manufacturer, computer maker, mining behemoth, global investment banking juggernaut etc..it is time Africa, wake up!

      Nyiko Ngobeni - 2012-02-28 14:01

      Jonathan your thinking us stuck in the colonial era. You just have no idea how governments exploit natural resources. U wonder if it's worth taking this further with you. Maybe ur ancestors have beef with Mugabe so that makes you so blind you don't stop to think why botswana didn't give their diamonds away. If the Arabs followed ur thinking they would be led dead broke while yr white folks laugh all the way but that's not so. If you don't understand an area as sensitive as this then stay out of the debates. You should read international cases on this from the 60s to date to understand better.

  • Jack - 2012-02-27 17:03

    @Jay, After 24 months, Zimplats will have payed a huge price..Just last week, while Mugabe was launching a community trust from one of the Zimplats mine, Gordon was here in Johannesburg giving a speech running contra to the Zim gvt stance... Now here is a reality check, ZANU is very binary when it chooses fights.. Scorch earth or no fight... Look at the loss of commercial farmers..So if Gordon would thought or believed that Zim is run from Pretoria, he has literaly messed his retiredment plans..In as much as he has to preserver current shareholders value, at the same time, h must look at past history to cut his losses... What is coming out here is that Zimplats, may actually become the industrial example, ZANU is looking for...Kick down a big mining boy and the rest of the small fish follow into line.. hard knock life...

  • Viman Singh - 2012-02-27 19:05

    Okay now this is the truth and deep down we all know it. Zimbabwe is in Africa. African countries are all third world. These third world countries and their governments are not fit and equiped to manage and operate mines and large scale industries. We have seen this many times before in many african countries including Zimbabwe. China and India are also third world countries but the people and governments of these countries are far more advanced in education, power and management skills therefore these countries can manage and operate mines and large scale industries. Zimbabwe and many other African countries dont plan for the long term future but for short term gain. Thats the reason Africa is suffering and will continue to suffer. Africa is a poor continent divided into too many small countries that does not have much power and might on their own. Africa, along time ago should have been divided into a maximum of 3/4 countries so that buying powers would by now be high.

  • Viman Singh - 2012-02-27 19:05

    Okay now this is the truth and deep down we all know it. Zimbabwe is in Africa. African countries are all third world. These third world countries and their governments are not fit and equiped to manage and operate mines and large scale industries. We have seen this many times before in many african countries including Zimbabwe. China and India are also third world countries but the people and governments of these countries are far more advanced in education, power and management skills therefore these countries can manage and operate mines and large scale industries. Zimbabwe and many other African countries dont plan for the long term future but for short term gain. Thats the reason Africa is suffering and will continue to suffer. Africa is a poor continent divided into too many small countries that does not have much power and might on their own. Africa, along time ago should have been divided into a maximum of 3/4 countries so that buying powers would by now be high.

      Jack - 2012-02-28 16:35

      Go ahead and lie to yourself... See how your teeth will be kicked in with your truth... Check Idi Amin antics in Uganda.. And from your name I presume you are of Asiatic origins..(No wonder the self-adulations)..

  • pages:
  • 1