Business / Companies
Huge demand for Zimplats empowerment stake
29 Apr 2011 at 08:44hrs | Views
Zimplats' a unit of the world's second-largest platinum producer, Impala Platinum Holdings expects in the next two weeks to conclude talks with the Zimbabwean government about local ownership proposals.
Revealing this during a presentation of the company's third-quarter results, Zimplats chief executive Alex Mhembere said there was a big appetite for a stake in Zimplats by people in business and political office.
Foreign mining companies in Zimbabwe have up until 30 September to comply with a law requiring them to surrender at least 51% of their local equity to black investors.
President Robert Mugabe's ZANU-PF is pushing plans to force all foreign-owned companies to cede controlling stakes to blacks, a policy which his rival Prime Minister Morgan Tsvangirai has denounced as "looting and plunder by a greedy elite."
Mhembere said Zimplats would publish a list of all the people seeking a stake in the company.
Impala Platinum, together with Anglo Platinum and global miner Rio Tinto, are among the foreign mining companies that have operations in Zimbabwe, and will be targeted by the local ownership rules.
Zimplats chief finance officer Patrick Maseva-Shayawabaya said the company would meet its full-year output target of 180,000oz this year, a figure that would be maintained until 2013.
Zimplats 87% owned by Impala Platinum is Zimbabwe's largest platinum producer.
Revealing this during a presentation of the company's third-quarter results, Zimplats chief executive Alex Mhembere said there was a big appetite for a stake in Zimplats by people in business and political office.
Foreign mining companies in Zimbabwe have up until 30 September to comply with a law requiring them to surrender at least 51% of their local equity to black investors.
President Robert Mugabe's ZANU-PF is pushing plans to force all foreign-owned companies to cede controlling stakes to blacks, a policy which his rival Prime Minister Morgan Tsvangirai has denounced as "looting and plunder by a greedy elite."
Impala Platinum, together with Anglo Platinum and global miner Rio Tinto, are among the foreign mining companies that have operations in Zimbabwe, and will be targeted by the local ownership rules.
Zimplats chief finance officer Patrick Maseva-Shayawabaya said the company would meet its full-year output target of 180,000oz this year, a figure that would be maintained until 2013.
Zimplats 87% owned by Impala Platinum is Zimbabwe's largest platinum producer.
Source - Byo24News
