[miningmx.com] – IMPALA Platinum (Implats) is to meet with the Zimbabwean authorities this week to discuss amended proposals for the sale of control in its 87%-owned Zimplats, including funding the transaction.
The meeting comes amid sensational claims that Implats considered delaying the transaction in the hope that regime change in Zimbabwe’s national elections next year would enable it to reach a different outcome, if not avoid indigenisation completely.
Implats said in a statement today it was unfortunate an internal company discussion had been leaked and interpreted as a board decision as reported by The Sunday Mail, a Zimbabwean newspaper that had sight of the papers.
The transaction is in terms of the Zimbabwean government’s indigenisation policy which requires companies operating within its borders to sell 51% to the state which will be on-sold to local investors. Zimplats produced 187,000 ounces of platinum in matte in its 2012 financial year.
Earlier this year, Implats proposed a three-way transaction in which it offered to sell shares in Zimplats to staff, the local community, as well as the National Indigenisation and Economic Empowerment Fund (NIEFF).
In a new development, however, Implats disclosed that it had amended this proposal such that it would offer to finance each transaction.
“The NIEEF has responded to the revised proposal and a meeting is scheduled for this week to constructively continue the discussions,” Implats said in a statement.
The Sunday Mail claimed to have board minutes leaked to it in which Implats’ CFO, Brenda Berlin, sought to delay the indigenisation transaction until national elections where it was hoped Zanu-PF would be defeated.
“(The) choices for the Board (are) . . . stay with Board-approved plan and buy time for regime change (this may necessitate South African government assistance.),” The Sunday Mail said in its report, dated December 9.
Implats said it was ” … untrue and completely misleading” that these papers were board minutes.
The company added: “Zimplats, and its major shareholder (Implats), remains deeply committed to Zimbabwe, its workers and the community, and is actively engaging with the government over the terms on which the indigenisation programme will be implemented”.
“In this amended proposal, Implats offered to provide financing for all proposed indigenisation transactions with staff, the community and the NIEEF.
“The NIEEF has responded to the revised proposal and a meeting is scheduled for this week to constructively continue the discussions,” Implats said.
In November, Anglo American Platinum signed an agreement with the Zimbabwean government in which it agreed to sell 51% of its Unki mine and vendor-finance the deal in which shares were split between the NIEFF, employees and the mine’s nearby community.
