Implats’ Zimbabwe units get waiver on ownership requirements
Zimbabwe agreed to waive requirements that Impala Platinum (Implats) transfers majority stakes in two of its mines to black citizens of the country, the company said on Thursday. Implats won’t be required to ensure that its Zimplats unit or Mimosa joint venture, which operates separately, are 51% owned by locals because of other measures it is implementing, said CEO Nico Muller. Zimplats, Zimbabwe’s top platinum producer, has sold 10% to employees and is concluding an agreement to sell an additional 10% to communities, Muller said. The producer will get government credit for the remaining 31% from helping to develop local industries and small businesses, he said. The same model will be applied on the Mimosa mine, which it jointly owns with Sibanye Gold. "At the moment we don’t see it as a threat at all," Muller said in an interview. "The equity stays. Instead of transfer of ownership, we are achieving that through business development in Zimbabwe. We have agreed on that with the gov...
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