Zim rejects Mimosa ownership plan

2012-02-24 10:27

Impala Platinum (Implats) said today that Zimbabwe had rejected part of a plan submitted by its subsidiary Mimosa Holdings meant for the company to comply with the local ownership requirements.

Mimosa is a 50-50 joint venture between Implats and Aquarius Platinum.

A controversial law mandates that all foreign miners sell a 51% stake to local Zimbabweans.

“Mimosa was advised by the Zimbabwean minister of youth development, indigenisation and empowerment (Saviour Kasukuwere) that a portion of its Indigenisation Implementation Plan has been rejected,” Implats said in a statement.

The platinum miner said it was concerned about a statement made by the minister that unless an agreement is reached with the National Indigenisation and Economic Empowerment Fund to transfer the required shareholding to the fund within 30 days, enforcement mechanisms would be activated.

“Shareholders are advised that negotiations with the minister will be undertaken in an attempt to reach a mutually acceptable solution,” it said.

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