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.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.