Harare, Zimbabwe — 04 March 2013 – Zimplats “’ the Zimbabwean subsidiary of Impala Platinum Holdings (Implats) “’ has been given 30 days to appeal a Zimbabwean government directive that the miner give up nearly 28ha of land believed to contain significant mineral claims.
Fin24 quotes Business Day as reporting that nearly 28ha of land leased by miner Zimplats will be taken over by the Zimbabwean government in a fresh drive to re-allocate assets to local business.
The 30-day appeal notice given to Zimplats was contained in a government gazette published on Friday afternoon..
“The president intends to acquire compulsorily part of the land held by Zimplats Holdings Limited under special mining lease,” reads part of the government gazette. “The Zimbabwean government will seize nearly 28ha of land leased by platinum miner Zimplats in a fresh drive to re-allocate assets to local business,” said mining minister Obert Mpofu last month. “The ministry will exercise its prerogative to ensure that all idle ground is repossessed and reallocated to other investors.”.
In January, Implats sealed a deal to sell a 51% stake in its company Zimplats, under the 2010 indigenisation law signed by President Robert Mugabe.
The deal will see Impala get US$971 million, making it one of the largest empowerment transactions in Zimbabwe to date.
Source: Fin24. For more information, click here.