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Impala Platinum Harare claims 51% stake in Zimplats

March 7 2013 at 08:00am
By Bloomberg

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The Zimbabwean unit of Impala Platinum (Implats) must cede 51 percent ownership to the country without compensation, Zimbabwean Indigenisation Minister Saviour Kasukuwere said yesterday. President Robert Mugabe said last Friday that the country should not pay for the stake in Zimplats because all natural resources belonged to the state. “They know what the president said and they have to do that,” Kasukuwere said in Harare. Implats, which owned 87 percent of Zimplats and is the biggest producer of the metal after Anglo American Platinum, signed terms to sell 51 percent of the unit to the country’s black citizens in January. Kasukuwere said any previous agreement between Zimplats and the National Indigenisation and Economic Empowerment Board must now “take into account” Mugabe’s statement. Calls to Zimplats chief executive Alex Mhembere were not answered. Zimbabwe seized 27 498 hectares of Zimplats’s land on Friday, saying the company had 30 days to appeal a decree contained in the Government Gazette. Shares in Implats fell 1.74 percent to R134.61 on the JSE yesterday. – Bloomberg


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