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Harare - Zimbabwe's indigenisation minister says he will
cancel the licence of South African-owned platinum mining giant Zimplats because
the firm is refusing to hand over 51% of its shares to blacks, state media
reported on Wednesday.
President Robert Mugabe's side of Zimbabwe's shaky coalition
government wants all foreign and white-owned firms worth over $500m to hand
over majority shares within five years.
Zimplats is among 11 firms given ultimatums in August to
furnish "acceptable" indigenisation plans.
"Zimplats continues to defy the laws of this
land," Indigenisation Minister Saviour Kasukuwere was quoted as saying by
the official Herald newspaper on Wednesday.
"We have taken the position to deem them non-compliant
in terms of provisions of the Indigenisation Act," he said.
Kasukuwere will now contact the mines ministry "with a
view to initiate the process to revoke the operating licence of Zimplats",
the Herald said.
Impala Platinum of South Africa has the majority
shareholding in Zimplats, which mines for platinum on the Great Dyke, a range
of hills stretching through central Zimbabwe
Kasukuwere has also issued an ultimatum to financial
services provider Old Mutual, allegedly because it "failed" to
implement an earlier empowerment proposal.
"You are required to provide me with the progress
report within seven days of receipt of this letter, failure of which no further
indulgence shall be granted," he said in a letter dated September 1.
In a speech to parliament on Tuesday, Mugabe said investments would be "safe" in Zimbabwe, but told foreign investors to comply with the country's indigenisation laws.
