Zimbabwe 'takes' 51% of Zimplats

Win-win partnership between Implats and Zim, says CEO

Zimplats has signed away 51%
Zimbabwe 'takes' 51% of Zimplats

Impala Platinum Holdings, the world's second-largest platinum mining company, has signed away a 51% stake in its Zimbabwe-based operation, Zimplats.

In a ceremony on 11 January, Implats chief executive Terence Goodlace signed the empowerment deal with Zimbabwe's Empowerment Minister Saviour Kasukuwere, which will see the larger portion of 31% going to the National Indigenisation and Economic Empowerment Fund, 10% to the community share ownership scheme, and 10% to an employee share ownership scheme.

Goodlace said the US$971m deal was 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,” he said.

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

According to Fin24’s local correspondent, 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.

 

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