HomeNewsDeadline set for Zimbabwe-Implats indigenisation issue

Deadline set for Zimbabwe-Implats indigenisation issue

Impala Platinum
CEO David Brown
Harare, Zimbabwe — 08 March 2012 – Impala Platinum (Implats) “’ the world’s second-largest producer of the precious metal “’has been granted an extension until 13 March to comply with Zimbabwe government’s indigenisation laws that require foreign-owned companies to hand over control of their assets in the country.

In an interview with Miningmx here, Saviour Kasukuwere, the minister responsible for indigenisation, said: “Implats CEO David Brown has asked that he meet with his board tomorrow, and then he will travel to Harare to meet with National Indigenisation and Economic Empowerment Fund (NIEEF) chairman David Chapfika.”

Asked whether Implats had agreed to part with 51% of its shares in its 87%-owned Zimplats, Kasukuwere replied: “This is not a question of compliance, it is a question of implementation.”

Kasukuwere also said he remained steadfast in his intention to see Implats reverse out of its 50% shareholding in Mimosa Platinum Mines. On 24 February, Kasukuwere gave Implats a 30-day ultimatum to quit its stake in Mimosa.

In a letter dated 6 March and addressed to Kasukuwere, Brown said he was committed to finding a solution, but he stopped short of promising to part with 51% in Zimplats. “For the record, we confirm Implats’ and its Zimbabwean subsidiaries’ commitment to finding an equitable and mutually acceptable resolution going forward,” Brown wrote.

According to some sources, Kasukuwere failed to convince mines minister Obert Mpofu to impose stiff measures against Implats – which is the real reason for another extension.
In fact, Zimbabwean government officials have not been agreeable to Kasukuwere’s plan that Zimplats be taken over by the government, reports Miningmx.

This follows the recent rejection of a portion of Implats’ indigenisation-compliance plan, culminating in the government issuing an ultimatum that ended on Wednesday 7 March for the company to comply or risk strong measures against it.

Mpofu and Kasukuwere were supposed to have met, discussed and agreed to measures against Zimplats. However, the two could not meet, according to government sources, as they were not agreeable over what action to take against Implats.
Caption, Pic 1: Impala Platinum CEO David Brown “’ travels to Harare next week to finalise the Implats indigenisation issue.

Source: Miningmx “’ for full item click here