Business / Companies
Zimplats give 30 days to appeal land grab
02 Mar 2013 at 05:15hrs | Views
Zimplats has been given 30 days to appeal a government directive that miner give up nearly 28ha of land believed to contain significant mineral claims, reported Business Day.
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 which was given to Zimplats was contained in a government gazette published on Friday afternoon, the news agency reported.
"The president intends to acquire compulsorily part of the land held by Zimplats Holdings Ltd 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 in February.
"The ministry will exercise its prerogative to ensure that all idle ground is repossessed and reallocated to other investors," Mpofu said at the time.
In January, Impala Platinum Holding sealed a deal to sell a 51% stake in its company Zimplats, under the 2010 law signed by President Robert Mugabe.
The deal will see Impala get $971m making it one of the largest empowerment transactions in Zimbabwe to date.
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 which was given to Zimplats was contained in a government gazette published on Friday afternoon, the news agency reported.
"The president intends to acquire compulsorily part of the land held by Zimplats Holdings Ltd under special mining lease," reads part of the government gazette.
"The ministry will exercise its prerogative to ensure that all idle ground is repossessed and reallocated to other investors," Mpofu said at the time.
In January, Impala Platinum Holding sealed a deal to sell a 51% stake in its company Zimplats, under the 2010 law signed by President Robert Mugabe.
The deal will see Impala get $971m making it one of the largest empowerment transactions in Zimbabwe to date.
Source - BusinessDay
