[miningmx.com] – IMPALA Platinum (Implats), the world’s second-largest
platinum producer, said on Wednesday that it would not exit Zimbabwe despite the
demands being made by the government that it hand over majority stakes in its local
operations to Zimbabweans.
Implats CEO, David Brown, told private radio station 702 Talk Radio the company still
saw the southern African nation as a “good investment destination”.
“There’s huge expansion potential … but we need certainty,” he said.
Zimbabwe, which holds the world’s second largest platinum group metal (PGM)
deposits after South Africa, is crucial to the future of the platinum industry because of
its massive resources.
But platinum companies, as Zimbabwe’s largest investors, are being targeted in the
government’s drive to get all outside companies to hand over 51% stakes in their
mines.
Implats has offered to hand over between 25% and 30% in equity and make up the
balance through credits it hoped to receive in exchange for giving up some of its land
five years ago.
But the minister in charge of Zimbabwe’s black empowerment drive Saviour
Kasukuwere has rejected part of Implats proposal and has given the company till
Wednesday next week to hand over 29.5% of its Zimplats operation.
“The problem with Brown is that he talks too much. We are sick and tired of his
delaying tactics,” Kasukuwere told Reuters.
Kasukuwere has previously threatened to cancel the mining licences of non-compliant
firms.
