HomeInternationalImplats lodges objection to Zim government plans

Implats lodges objection to Zim government plans

President Robert
Mugabe of Zimbabwe
“’ still on the
acquisition trail
Harare, Zimbabwe — 02 April 2013 – South African miner Impala Platinum Holdings Limited (Implats) says its Zimbabwean unit has launched an objection to the plans of the Zimbabwean government to repossess nearly half of its mining claims.

The Zimbabwean government published a notice on March 1 saying it planned to take away land belonging to Implats unit Zimbabwe Platinum Mines, in a move that it said would stop mining firms from holding onto claims for speculative reasons, reports Fin24.

“Implats confirms that its subsidiary, (Zimplats) lodged an objection on 27 March 2013 to the preliminary notice with regard to the President’s intention to acquire compulsorily 27,948 hectares of land held by Zimplats,” Implats said in a statement.

The official objection means the government cannot arbitrarily seize the mining claims without agreeing with Zimplats. If it insists on repossessing the land, Zimplats can approach the local administrative court to stop the government.

Implats “’ the world’s second-largest platinum miner “’ agreed in January to sell a majority stake in Zimplats to local black investors for US$971 million to meet black ownership targets set by President Robert Mugabe.

Source: Fin24. For more information, click here.