Johannesburg - Impala Platinum Holdings [JSE:IMP] said on
Friday that Zimbabwe has rejected part of a plan submitted by its subsidiary
Mimosa Holdings meant for the company to comply with the local ownership
requirements.
Mimosa is a 50-50 joint venture between Implats and Aquarius
Platinum [JSE:AQP].
A controversial law mandates that all foreign miners sell a
51% stake to local Zimbabweans.
"Mimosa was advised by the Zimbabwean minister of youth
development, indigenisation and empowerment that a portion of its
indigenisation implementation plan has been rejected," Implats said in a
statement.
The platinum miner said it was concerned about a statement
made by the minister that unless an agreement is reached with the National
Indigenisation and Economic Empowerment Fund to transfer the required
shareholding to the fund within 30 days, enforcement mechanisms would be
activated.
"Shareholders are advised that negotiations with the minister will be undertaken in an attempt to reach a mutually acceptable solution," it said.