Loading...
See More

Amplats to transfer Zim mine to locals

Nov 01 2012 17:03 Reuters

Company Data

Anglo American Plat Ltd [JSE:AMS]

Last traded 0
Change -2,66
% Change 0
Cumulative volume 67276
Market cap 100.66bn

Last Updated: 27-11-2014 at 03:52. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Zim miners to get 7.5% pay hike

Zim's indigenisation progress hailed

Zimbabwe lowers diamond earnings forecast

Mimosa Platinum sees slight uptick

Why Zim has no strikes

Canada mine completes Zim indigenisation

 
Harare - Anglo Platinum [JSE:AMS] has agreed to transfer majority of its Unki mine in Zimbabwe to locals, the firm said on Thursday, following pressure from President Robert Mugabe’s government.

Amplats and the government said in a joint statement the transaction values the 51% stake at $142.8m. A state fund will take 21% of the mine with employees, a community trust and unnamed local investors taking 10% each, they said.

The deal will be funded through the dividends due to the new local shareholders for the next 10 years.

Harare is championing a controversial law requiring foreign-owned firms, mostly mines and banks, to surrender majority stakes in their Zimbabwean operations to local blacks.

Earlier this year, Impala Platinum bowed to Zimbabwe’s pressure to surrender a 51% stake in its Zimplats unit to local black investors.

Zimbabwe, with the largest known platinum deposits in the world after South Africa, is seen as a growth area for the sector. But analysts say the 51% local ownership requirement diminishes the country’s attraction as an investment destination.

Zimbabwe says its empowerment policy seeks to redress the racial inequities of past colonial rule, but the government’s seizure of white-owned farms over the last decade has destroyed commercial agriculture in what was once described as a regional bread basket.
anglo american platinum  |  zimbabwe
NEXT ON FIN24X

Lonmin completes BEE credits

2014-11-26 15:46

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
28 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

Goalkeeper saves five penalties with his FACE!

Nothing, and we mean nothing, will keep goalkeeper Scott Stirling from stopping the ball!

 
 

Men24.com

Hottie of the day: Jesselyn
This invention makes farts smell like chocolate!
11 things men don’t know about their clothes
Hilarious mortal kombat elevator prank!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...