[miningmx.com] – ZIMBABWE has seized land from Zimplats, the Australian-listed platinum producer in which Impala Platinum (Implats) has an 87% stake, and has asked foreign platinum miners to establish a refinery in the country within two years, said BDLive citing Zimbabwe mines minister, Obert Mpofu.
Mpofu said on Tuesday that the state had “repossessed” 27,948 hectares of land from Zimplats – a development of which Implats said it had no confirmation. The company is due to report interim results on Thursday (February 14).
In January, Implats agreed to ‘sell’ 31% of its stake in Zimplats to Zimbabwe’s National Indigenisation and Economic Empowerment Fund in terms of indigenisation legislation in that country.
As part of the same transaction, it would also transfer 20% of Zimplats to employee and community trusts. The conditions are to be finalised by June.
“Zimbabwe has not realised significant value from the platinum sector beyond the traditional statutory payments. We can no longer continue having our minerals refined outside the country,” Mpofu was quoted to have said.
“You can only compensate for land that has been bought. The ground belongs to Zimbabwe and there cannot be talks of compensation when the land belongs to you.”
Mpofu also wants a refinery built in Zimbabwe and instructed Implats, as well as Anglo American Platinum, to draw up plans, BDLive said.
“The ministry has decided that beyond two years, it will stop processing exports for semi-processed platinum products,” Mpofu said.
“This is expected to give way for companies to begin channelling resources towards value addition through establishing a PGM (platinum group metals) refinery in the country,” he said.
