News / National
No comment on Robert Mugabe criticism: Impala Platinum
02 Mar 2011 at 12:25hrs | Views
Platinum major Impala Platinum has declined to comment on Zimbabwean President Robert Mugabe's criticism of its Zimplats subsidiary.
Implats, the world's second-largest platinum company, owns 87% of Zimplats, which is located on the Hartley geological complex on Zimbabwe's Great Dyke, south-west of Harare.
Mugabe reportedly complained during his 87th birthday address that Zimbabwe was not benefitting from its vast mineral resources and accused the country's leading Implats-controlled Zimplats of "taking all the money to South Africa".
"Zimplats has never given us any substantial money. They are taking all the money to South Africa. That is why I have told Empowerment Minister Saviour Kasukuwere to deal with those mines," Mugabe is reported as saying.
The criticism comes shortly after the Implats board approved the expenditure of $500-million for the phase-two expansion of Zimplats.
It also follows similar Mugabe comments made last year, when he accused Zimplats of siphoning money out of the country and of conducting itself in a socially-irresponsible manner.
He branded Zimplats top management as the enemies of his ruling Zanu PF party.
Implats CEO David Brown declined to comment on Mugabe's criticism when requested to do so by Mining Weekly Online.
Zimplats produced 173 900 oz of platinum in its 2010 financial year.
The $340-million first-phase project involved the development of two underground mines and a new concentrator to produce 180 000 oz/y in the 2011 financial year.
The $500-million second-phase expansion involves the development of a new underground mine, an additional concentrator and homes for 1 125 employees.
Envisaged is refined platinum production of 270 000 oz/y from 2014.
Zimbabwe's indigenisation regulations were gazetted in early 2010 and require foreign companies to indigenise 51% of their shares within five years.
"Zimplats has submitted its indigenisation proposals to government but no clarity has yet been received," Implats says on its website.
Zimbabwe's Mimosa Investments , a Mauritius-based company jointly held by Implats and Aquarius Platinum in a 50:50 joint venture, is located on the Wedza geological complex on Zimbabwe's Great Dyke, east of Bulawayo.
Mimosa produced 101 200 oz of platinum in concentrate in the 2010 financial year from a shallow underground mine, accessed by a decline shaft.
Implats, the world's second-largest platinum company, owns 87% of Zimplats, which is located on the Hartley geological complex on Zimbabwe's Great Dyke, south-west of Harare.
Mugabe reportedly complained during his 87th birthday address that Zimbabwe was not benefitting from its vast mineral resources and accused the country's leading Implats-controlled Zimplats of "taking all the money to South Africa".
"Zimplats has never given us any substantial money. They are taking all the money to South Africa. That is why I have told Empowerment Minister Saviour Kasukuwere to deal with those mines," Mugabe is reported as saying.
The criticism comes shortly after the Implats board approved the expenditure of $500-million for the phase-two expansion of Zimplats.
It also follows similar Mugabe comments made last year, when he accused Zimplats of siphoning money out of the country and of conducting itself in a socially-irresponsible manner.
He branded Zimplats top management as the enemies of his ruling Zanu PF party.
Implats CEO David Brown declined to comment on Mugabe's criticism when requested to do so by Mining Weekly Online.
Zimplats produced 173 900 oz of platinum in its 2010 financial year.
The $340-million first-phase project involved the development of two underground mines and a new concentrator to produce 180 000 oz/y in the 2011 financial year.
The $500-million second-phase expansion involves the development of a new underground mine, an additional concentrator and homes for 1 125 employees.
Envisaged is refined platinum production of 270 000 oz/y from 2014.
Zimbabwe's indigenisation regulations were gazetted in early 2010 and require foreign companies to indigenise 51% of their shares within five years.
"Zimplats has submitted its indigenisation proposals to government but no clarity has yet been received," Implats says on its website.
Zimbabwe's Mimosa Investments , a Mauritius-based company jointly held by Implats and Aquarius Platinum in a 50:50 joint venture, is located on the Wedza geological complex on Zimbabwe's Great Dyke, east of Bulawayo.
Mimosa produced 101 200 oz of platinum in concentrate in the 2010 financial year from a shallow underground mine, accessed by a decline shaft.
Source - Byo24News
