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Zimbabwe still in talks with miners

Sep 09 2011 10:07 Reuters

Company Data

Impala Platinum Hlgs Ld [JSE : IMP]

Last traded R133.90
Change R-1.50
% Change -1.11%
Cumulative volume 1.78m
Market cap R84.59bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Top 40 [JSE : J200]

Last traded R29,074.19
Change R-63.65
% Change -0.22%
Cumulative volume 93.53m
Market cap R0.00

Last Updated: 25/05/2012 at 19:33. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Harare - Zimbabwe is in talks with mining firms that have requested more time to table their plans to transfer majority ownership in their local operations to black investors in the country, the state-run Herald newspaper said on Friday.

Firms such as Impala Platinum Holdings [JSE:IMP] local unit Zimplats have asked for an extension of the deadline to submit empowerment plans.

"Our teams are now working with some mining companies that have asked for more time to work on their new proposals and we will keep the public updated on the developments," Empowerment Minister Saviour Kasukuwere told the Herald.

The paper said Zimplats was working on a proposal to submit by the end of November, two months past the original deadline to transfer majority stakes.

"It appears that the timeframe that Zimplats was given to amend its proposal was short and the company has now requested for about two months to work on another proposal," said the paper, which is widely seen as an official government mouthpiece.

"A new proposal would be submitted to government before the end of November. The new plan will have an element of the community share ownership trust," Zimplats deputy chairperson Much Masunda was quoted as saying.

Implats' shares fell more than 3% on Thursday on reports the government was moving to revoke Zimplats' licence.

The shares recouped about two percent on Friday morning, outpacing a 0.25% rise on the JSE Top 40 - (Tradeable) [JSE:J200] index .

Zimplats' accounts for about 10% of Implats' annual group output of close to 1.8 million ounces of platinum.

 

 
 
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