Johannesburg - Impala Platinum Holdings [JSE:IMP], the
world's second largest platinum mining company, said on Friday it will sell a
majority stake in its Zimbabwe unit to local black investors for $971m to meet
the government's drive for black ownership of firms.
Impala said in a statement its Zimplats unit will sell a 51%
stake to local black investors, with Zimplats keeping the remaining 49%.
Zimplats, which is 87% owned by South Africa's Impala, will
finance the deal at an annual interest rate of 10%.
Management of Zimplats will remain with the company, Impala
Zimplats said in March it had agreed with Zimbabwe's
government to sell the stake to locals. It had since been in talks to work out
terms of the deal.
Under the controversial ownership law being championed by
President Robert Mugabe, foreign firms operating in Zimbabwe must sell a
majority stake to local black investors.
Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.