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Zimplats signs away 51% stake

Jan 11 2013 15:04 *Malcom Sharara

Implats CEO Terence Goodlace signs the empowerment deal with Zimabawe's Empowerment Minister Saviour Kasukuwere. (Source: Malcom Sharara/Fin24)

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Harare - Impala Platinum Holdings [JSE:IMP], the world's second-largest platinum mining company, on Friday afternoon signed away a 51% stake in its Zimbabwe-based operations Zimplats.

The biggest chunk of the stake amounting to 31% will go to the National Indigenisation and Economic Empowerment Fund, 10% will go to the community share ownership scheme, and 10% to an employee share ownership scheme.

Implats was represented by Impala CEO Terence Goodlace, who said the US$971m deal is a win-win partnership between Zimbabwe and his company.

“This partnership can only be successful if there is continued goodwill and sincerity between the parties involved,” said Goodlace in his speech.

He added that the planned Ngezi Phase 2 project worth $400m will continue.

Empowerment Minister Saviour Kasukuwere said the deal was the biggest in Zimbabwe. He urged Zimbabweans to support and defend Zimplats’ business interests.

Kasukuwere said the compliance plans of close to 300 companies were completed in full, while those of about 700 companies were at various stages in the approval process.

 - Fin24

*Malcom Sharara is Fin24's correspondent in Zimbabwe.


 

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