Business / Companies
Implats Not Changing Zimbabwe Investment Plans:- CEO
17 Feb 2011 at 10:38hrs | Views
The government and Impala Platinum Holdings Ltd are discussing how the miner will address the new law that requires companies to sell a 51% stake in companies to locals.
Impala is in the process of expanding its unit in Zimbabwe, the majority-owned Zimplats Holdings Ltd and the miner said it doesn't have any plans to change its program despite the law uncertainty.
"We don't think there are any issues around our operations and don't feel there is a risk to our expansion," chief executive officer David Brown said Thursday.
"The risk is around undeveloped resources," he said.
Brown said Impala has submitted an economic package regarding the new law to the government and hasn't yet received an acceptance or a rejection but thinks the government wants to find a solution that will benefit both the country and mining activity.
However, 2011 will likely see increased political rhetoric surrounding the issues that could become more "vicious," Brown said.
Platinum production in matte increased by 9% in the first half of the current Implats financial year to 89,000 troy ounces at Zimplats.
The company said the second phase of its Zimbabwe expansion to take output to 270,000 ounces a year is on track. Impala Platinum is spending $450 million on the second phase of expansion in Zimbabwe and it includes the development of a new 2 million metric ton underground mine, an additional concentrator module at Ngezi and a dam and other infrastructure.
Impala is in the process of expanding its unit in Zimbabwe, the majority-owned Zimplats Holdings Ltd and the miner said it doesn't have any plans to change its program despite the law uncertainty.
"We don't think there are any issues around our operations and don't feel there is a risk to our expansion," chief executive officer David Brown said Thursday.
"The risk is around undeveloped resources," he said.
Brown said Impala has submitted an economic package regarding the new law to the government and hasn't yet received an acceptance or a rejection but thinks the government wants to find a solution that will benefit both the country and mining activity.
However, 2011 will likely see increased political rhetoric surrounding the issues that could become more "vicious," Brown said.
Platinum production in matte increased by 9% in the first half of the current Implats financial year to 89,000 troy ounces at Zimplats.
The company said the second phase of its Zimbabwe expansion to take output to 270,000 ounces a year is on track. Impala Platinum is spending $450 million on the second phase of expansion in Zimbabwe and it includes the development of a new 2 million metric ton underground mine, an additional concentrator module at Ngezi and a dam and other infrastructure.
Source - Byo24News
