Business / Companies
Implats concerned with Kasukuwere's statements on Mimosa platinum
20 Feb 2012 at 14:43hrs | Views
Harare - Impala Platinum Holdings said on Monday it is "concerned" by comments from empowerment minister Saviour Kasukuwere suggesting it should further sell its stake in its Mimosa joint venture with Aquarius Platinum.
Impala also said in a statement it had not received any official notification from the Zimbabwe government directing it to divest from Mimosa, a platinum miner.
Kasukuwere told the state-controlled Sunday Mail it would be "ideal" for Aquarius to purchase Impala's remaining stake in Mimosa after a required majority stake sale to locals.
A controversial law mandates that all foreign miners sell a 51% stake to local Zimbabweans. That will reduce Impala's holding to 24.5%.
"Implats cannot be allowed to maintain a 24.5% portfolio investment in Mimosa while they have their hands full with the massive capital expenditure that will be required at Zimplats," Kasukuwere was quoted as saying.
Impala owns 87% of Zimbabwe's largest platinum mine, Zimplats.
Kasukuwere said having two minority shareholders splitting the 49% would leave Mimosa without a shareholder of reference for funding and technical support as neither of them will be sufficiently motivated to support any meaningful capital expenditure, the newspaper said.
Kasukuwere was not immediately available for comment.
Impala also said in a statement it had not received any official notification from the Zimbabwe government directing it to divest from Mimosa, a platinum miner.
Kasukuwere told the state-controlled Sunday Mail it would be "ideal" for Aquarius to purchase Impala's remaining stake in Mimosa after a required majority stake sale to locals.
A controversial law mandates that all foreign miners sell a 51% stake to local Zimbabweans. That will reduce Impala's holding to 24.5%.
"Implats cannot be allowed to maintain a 24.5% portfolio investment in Mimosa while they have their hands full with the massive capital expenditure that will be required at Zimplats," Kasukuwere was quoted as saying.
Impala owns 87% of Zimbabwe's largest platinum mine, Zimplats.
Kasukuwere said having two minority shareholders splitting the 49% would leave Mimosa without a shareholder of reference for funding and technical support as neither of them will be sufficiently motivated to support any meaningful capital expenditure, the newspaper said.
Kasukuwere was not immediately available for comment.
Source - Byo24News
