Zimbabwean indigenisation
minister Saviour
Kasukuwere “’ the man
behind the 51%
 
Johannesburg, South Africa — MININGREVIEW.COM — 11 May 2011 – Anglo American Platinum Limited and Impala Platinum Holdings Limited “’ the world’s two largest miners of the metal “’ have submitted their proposals on how to meet the Zimbabwe government’s demands to give local people majority stakes in their companies’ assets in the country.

“We’re currently in ongoing engagement with the government on our submission,” Anglo American plc’s platinum unit, based here, said by e-mail. The unit is “confident that it will be in a strong position to meet Zimbabwe’s empowerment requirements based on this experience.”

“We await a response,” Impala Platinum spokesman Bob Gilmour said by mobile phone today.

Rio Tinto Group, the world’s second-largest mining company by sales, Mwana Africa plc and Eurasian Natural Resources Corporation are among those that may also be affected by laws seeking to boost black ownership.

The Indigenisation and Empowerment Act gives foreign companies and other investors that aren’t considered “indigenous,” and who own more than US$500,000 in assets, until 2 June to say how they will cede 51% holdings.

ENRC has submitted proposals to the Zimbabwean government, London-based spokeswoman Charlotte Kirkham said by phone, without elaborating.

Ian Middleton, a spokesman for Mwana, declined to comment and Illtud Harri at Rio wasn’t immediately able to respond.

“The major mining companies are mainly cooperating,” indigenisation minister Saviour Kasukuwere said in a telephone interview from Harare. “We will evaluate the substance of their proposals to see if they meet our expectations.”