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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 80.05
Change -0.95
% Change -0.01
Cumulative volume 390632
Market cap 50.61bn

Last Updated: 23/10/2014 at 11:05. Prices are delayed by 15 minutes. Source: McGregor BFA

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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.

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zimplats  |  impala platinum (implats)  |  zimbabwe  |  mines
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