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Impala: Zimplats claims will be seized

March 6 2013 at 08:00am
By Bloomberg

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About half of the mining claims of Impala Platinum’s (Implats’) Zimbabwean unit would be seized by the nation’s government, the company said yesterday. Implats and its Zimplats unit “are taking legal advice in order to protect their rights and… remain in consultation with the relevant government authorities”, the Johannesburg-based company said. The Zimbabwe government intended to “compulsorily acquire 27 948 hectares of land from the company to be used for the benefit of the public”, according to a decree in the March 1 Government Gazette. Implats, which owns 87 percent of Zimplats, signed the terms to sell 51 percent of the unit to the country’s black citizens in January. Mines Minister Obert Mpofu said on February 12 that the nation had seized some of Zimplats’ land and would offer it to new investors. Implats shares gained 3.8 percent to close at R136.99 on the JSE yesterday. The stock has shed 20 percent this year. – Bloomberg


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