HomeNewsZimbabwe accepts Impalas new indigenisation proposal

Zimbabwe accepts Impalas new indigenisation proposal

Impala Platinum
CEO David Brown
Harare, Zimbabwe — 14 March 2012 – Impala Platinum’s proposal to cede a majority shareholding in Zimplats under Zimbabwe’s indigenisation laws has been accepted by that country’s government.

At a press briefing here Impala CEO David Brown and Zimbabwe empowerment minister Saviour Kasukuwere said that under the proposal, an employee share ownership scheme and a local community would each hold a 10% stake in Zimplats, while the government’s National Indigenisation and Economic Empowerment Fund (NIEEB) would hold 31%.

Miningmx quotes Brown as saying that it was pleasing to be able to submit a plan that complied with the legislation while Kasukuwere hailed the deal as a “win-win” partnership.

“It cements the principles of agreement. There are obviously details that need to be worked through – will be worked through over the months to come,” said Brown.

In Johannesburg, Impala released a statement which said: “Following a meeting between the Zimbabwean minister of youth development, indigenisation and empowerment and directors of Implats, the new Zimplats Indigenisation Implementation Plan presented to the minister meets the minimum requirements of the Indigenisation and Economic Empowerment Act and 2010 regulations, and is acceptable in principle to the government of Zimbabwe.”

“The implementation will be at appropriate value and the details for the transfer of the 51% shareholding in Zimplats will be addressed by a joint technical team, comprising Implats, the ministry responsible for indigenisation and the NIEEB (National Indigenisation Economic and Empowerment Board),” the statement added.

Implats said that no further details were available, hence it was unable to make further comment at this stage. Further announcements would be made in due course.

Source: Miningmx. For further details click here.