Zim gives Implats ultimatum

2012-02-27 07:30

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.

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.

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