Business / Companies
Zimplats plans to list on the Zimbabwe Stock Exchange
04 Jul 2012 at 07:27hrs | Views
ONE of the country's platinum mines, Zimplats plans to pursue a listing on the Zimbabwe Stock Exchange despite having agreed to implement an indigenisation plan with the Government.
The platinum mine announced that it had submitted its indigenisation plan in accordance with the Indigenisation and Economic Empowerment policy.
The policy stipulates that foreign-owned entities whose annual turnover exceeds $500 000 are required to cede 51 percent of their shares to locals.
According to an online publication, 4castresearch.com, Zimplats chief executive officer Mr Alex Mhembere said: "It was always our view that listing would provide an opportunity for Zimbabwean players and investors, but that didn't come through . . . it remains . . . on the table and could be considered at some point in time at some future date, whether we indigenised or not.
"We don't have it on the calendar at this point in time but still remains on the radar."
Zimplats is listed on the Australian Stock Exchange.
Mr Mhembere also said his company had submitted its development plan to the Ministry of Mines and Mining Development detailing its position regarding its claims.
"... It covers us for 50 years and we will be able to exploit the resources we have in that time not 300 years. We fully appreciate that there is need for other players to come into the sector that's why in 2006 we agreed to release 33 percent of its resources so that it's made available to other players," said Mr Mhembere.
Stakeholders in the mining industry have welcomed the decision by Implants to cede 51 percent shareholding in Zimplats to locals as the move sets a good precedence for the indigenisation and economic empowerment programme.
Zimplats will transfer 10 percent to the local community share trust, 10 percent to workers and the balance to the National Indigenisation and Economic Empowerment Fund (NIEEF) to achieve 51 percent local shareholding.
The platinum mine announced that it had submitted its indigenisation plan in accordance with the Indigenisation and Economic Empowerment policy.
The policy stipulates that foreign-owned entities whose annual turnover exceeds $500 000 are required to cede 51 percent of their shares to locals.
According to an online publication, 4castresearch.com, Zimplats chief executive officer Mr Alex Mhembere said: "It was always our view that listing would provide an opportunity for Zimbabwean players and investors, but that didn't come through . . . it remains . . . on the table and could be considered at some point in time at some future date, whether we indigenised or not.
"We don't have it on the calendar at this point in time but still remains on the radar."
Zimplats is listed on the Australian Stock Exchange.
Mr Mhembere also said his company had submitted its development plan to the Ministry of Mines and Mining Development detailing its position regarding its claims.
"... It covers us for 50 years and we will be able to exploit the resources we have in that time not 300 years. We fully appreciate that there is need for other players to come into the sector that's why in 2006 we agreed to release 33 percent of its resources so that it's made available to other players," said Mr Mhembere.
Stakeholders in the mining industry have welcomed the decision by Implants to cede 51 percent shareholding in Zimplats to locals as the move sets a good precedence for the indigenisation and economic empowerment programme.
Zimplats will transfer 10 percent to the local community share trust, 10 percent to workers and the balance to the National Indigenisation and Economic Empowerment Fund (NIEEF) to achieve 51 percent local shareholding.
Source - TH
