HomeNewsZimbabwe accepts Mimosa indigenisation proposal

Zimbabwe accepts Mimosa indigenisation proposal

The Mimosa platinum
mine in Zimbabwe
Harare, Zimbabwe — 23 March 2012 – Zimbabwean minister for youth development, indigenisation and empowerment Saviour Kasukuwere has confirmed that a proposal by the shareholders of Mimosa Platinum Mine to part with 51% of their shares has been accepted by government.

Mimosa, which produces about 100,000ozpa of platinum group metals, is owned by UK and South African-listed Aquarius Platinum and Impala Platinum (Implats) on a 50:50 basis.

Miningmx reports that Implats recently had a proposal accepted to sell 31% of its shares in Zimplats to the Zimbabwean government. Both proposals are in terms of Zimbabwe’s indigenisation legislation, which asks foreign-owned companies to sell control of their Zimbabwe-based assets.

Kasukuwere also indicated that the Zimbabwean government was no longer insisting that Impala remove itself as a shareholder in Mimosa. “The Mimosa plan we are happy with and, with regard to Impala and Aquarius, that is now a matter between them,” said Kasukuwere in a texted message to Miningmx.

Aquarius Platinum CEO, Stuart Murray, said the company had not seen evidence of a firm arrangement, and declined to comment.

Source: Miningmx. For further details click here.