Harare - The Zimbabwe unit of Impala Platinum Holdings
[JSE:IMP], Zimplats, has been ordered to transfer 29.5% of its shares to a
state-run fund to comply with local empowerment laws, according to a
letter written by a government minister.
Zimplats, 87% owned by Implats, had failed to comply fully
with the law, which seeks to localise at least 51% of shares in all foreign-owned
firms, Empowerment Minister Saviour Kasukuwere wrote in a letter seen by
Reuters on Sunday.
Failure to present the government with a plan to transfer
the holding within two weeks would result in unspecified "enforcement
mechanisms", the letter added.
Kasukuwere has in the past threatened to cancel the mining
licences of firms that do not comply.
On Friday, Implats said Zimbabwe had rejected part of its
empowerment plan, along with that of Mimosa, its 50-50 joint venture platinum
mine with Aquarius Platinum [JSE:AQP].
Both mines have recently launched community share ownership
trusts, to which they gave 10% shareholdings each.
Zimbabwe's empowerment laws championed by President
Robert Mugabe have been criticised by Prime Minister Morgan Tsvangirai, his
partner in a shaky coalition government formed three years ago after violent
and disputed elections in 2008.
Analysts say the law is holding back the impoverished country's economic recovery from a decade of turbulence and
contraction.
Critics link the empowerment push to Mugabe's plans to hold elections this year.