Business / Companies
Zimplats new proposal to be submitted by November
12 Sep 2011 at 14:10hrs | Views
Zimplats said it will submit a new proposal to sell a majority stake in the company by November.
"A proposal was made and it's all part of negotiations with the government," Muchadeyi Masunda, deputy chairman of Zimplats, said by phone today from the capital, Harare. "I am not aware of any violent objections to it."
The first proposal by Zimplats failed to meet Zimbabwe's empowerment laws and may result in the company having its mining license revoked, Indigenization Minister Saviour Kasukuwere said on Sept. 7.
Impala's Chief Executive Officer David Brown during results presentation on August 26 advise analysts that selling 51 percent of Zimplats "just does not work,". He was adamant that the company will not sell the controlling stake to blacks.
"A proposal was made and it's all part of negotiations with the government," Muchadeyi Masunda, deputy chairman of Zimplats, said by phone today from the capital, Harare. "I am not aware of any violent objections to it."
The first proposal by Zimplats failed to meet Zimbabwe's empowerment laws and may result in the company having its mining license revoked, Indigenization Minister Saviour Kasukuwere said on Sept. 7.
Impala's Chief Executive Officer David Brown during results presentation on August 26 advise analysts that selling 51 percent of Zimplats "just does not work,". He was adamant that the company will not sell the controlling stake to blacks.
Source - bloomberg
