Fin24

Zimplats stake to be given to state fund

2012-03-07 17:51

Harare - Impala Platinum, the world’s second-biggest platinum producer, has made an “irrevocable offer” to hand over a 29.5% stake in its Zimplats unit to a state-run fund, a senior Zimbabwe minister said on Wednesday.

Harare has been pushing Implats to hand over majority control of Zimplats to local investors under a new empowerment law.

Implats has been digging in its heels, especially over the latest demand for a stake worth more than $300m.

“They wrote to us today making an irrevocable offer to comply and seeking an extension of the deadline to Tuesday to allow the Implats board to meet this Friday,” Empowerment Minister Saviour Kasukuwere told Reuters.

“We have accepted that.”

Comments
  • Craig - 2012-03-07 18:49

    The Zim minister's and above will get $300 m richer. Those below that level won't see a dime.

  • wynand.meyering - 2012-03-07 19:32

    What absolute nonsense. The opposition will again be elbowed out of the way in the next election in any case. This is to pay Mugabe's soldiers.

  • jbukutu - 2012-03-07 22:59

    Brown thought he could go eyeball to eyeball with the old fox Bob.....now Zimplats know who is the boss in Zim. When the owners of the resources want them back you better comply or ship out! Like Gushungo told the, 49% is still a lot when it comes to finite resources like platinum....there is a new game in town...and it can only get interesting...the looting of yore could not be allowed to continue

  • Francois - 2012-03-08 06:11

    How is the Zimmers going to pay for this? IF they don't need to, Zuma has failed South Africa again.

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