• Healthcare headache

    State healthcare strategies must be more than political posturing, says Mzwandile Jacks.

  • Buzzwords and truths

    Mandi Smallhorne discusses her beef with the terms 'savings' and 'entrepreneurship'.

  • No love lost for SA

    A new biography shows why Elon Musk has little affection for the brutal land where he grew up.

Loading...
See More

Zim set to seize idle land from Zimplats

Feb 12 2013 19:32
AFP

Mines minister Mpofu said the repossession would "invigorate the mining industry". (AFP)

Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 46
Change 0
% Change -1
Cumulative volume 2075000
Market cap 0

Last Updated: 27-07-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Zim warns firms on offshore cash hoarding

Minister: Zim is safe for investments

Implats to sell 51% stake to Zim locals

Zim BEE: Foreign banks will not be spared

Zim's indigenisation progress hailed

Zimplats faces huge tax bill

 

The Zimbabwean government will seize nearly 28ha of land leased by platinum miner Zimplats, in a fresh drive to re-allocate assets to local business, said the mining minister Obert Mpofu on Tuesday.

"The ministry will exercise its prerogative to ensure that all idle ground is repossessed and reallocated to other investors," Mpofu told journalists.

Mpofu said the repossession would "invigorate the mining industry".

Zimbabwe, which is recovering from a decade of economic malaise, has passed strict regulations for international firms operating in the country.

One of them is a controversial indigenisation law, which forces foreign-owned companies to cede 51% of their assets to black Zimbabweans.

Last month Impala Platinum Holding [JSE:IMP] (Implats) sealed a deal to sell a 51% stake in its company Zimplats, under the 2010 law signed by President Robert Mugabe.

The deal will see Impala get $971m (€731m) making it one of the largest empowerment transactions in Zimbabwe to date.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

zimplats  |  impala platinum (implats)  |  zimbabwe  |  mines

NEXT ON FIN24X

 
 
 

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
27 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About...

Money Clinic

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

Voting Booth

Eskom’s decision not to give its staff bonuses is:

Previous results · Suggest a vote

Loading...