Zimplats to transfer 51 percent to black Zimbabweans

Harare - Zimbabwe has accepted an offer by the local unit of Impala Platinum that complies with a government requirement to surrender a majority stake to local black investors, a senior government official said on Tuesday.

Implats released the following statement:

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).

No further details are available and Implats is unable to make further comment at this stage. Further announcements will be made in due course.