[miningmx.com] – THE Zimbabwean government has ratcheted up the
pressure on Impala Platinum (Implats) and Aquarius Platinum, delivering an
ultimatum this week demanding they come up with an acceptable indigenisation plan
for their Mimosa Platinum Mine, or face “enforcement mechanisms’.
Implats and Aquarius share Mimosa, which produces about 100,000 oz/year of
platinum, in a 50:50 joint venture. In terms of Zimbabwe’s proposed indigenisation
laws, foreign miners are required to part with 51% of their holdings to the
Zimbabwean government, which will then nominate a local partner.
Saviour Kasukuwere, Zimbabwe Minister for Youth Development, Indigenisation and
Empowerment, told Miningmx earlier this week that the government was not
waiting for national elections before imposing indigenisation, and that he was
drafting a letter in which companies such as Implats and Anglo Platinum would be
asked to meet with indigenisation laws, or face the consequences.
In an announcement to the JSE News Service on Friday, Implats said part of its
indigenisation plan for Mimosa had been rejected by the Zimbabwean government,
without providing details of what it had submitted.
It added: “Implats is concerned to note the statement by the minister that unless an
agreement is reached with the National Indigenisation and Economic Empowerment
Fund (NIEEF) to transfer the required shareholding to NIEEF within 30 days,
enforcement mechanisms will be activated.’ The ultimatum was effective from
February 22, the date of Kasukuwere’s letter.
Implats said that negotiations with Minister Kasukuwere would be sought in an
attempt to find a solution. “Shareholders will be informed of further material
developments as they occur,’ it said. This would be the first meeting between
Implats management and the minister this year.
ANTE UPPED
On Sunday, Kasukuwere told a rally in Zimbabwe that Implats should exit from its
Mimosa investment entirely, leaving Aquarius Platinum as the only foreign
shareholder in the company. It’s a proposal that Implats CEO, David Brown, said had
left him “stunned’.
“I don’t think there is any legal status for Impala having to sell its entire stake in
Mimosa,’ said Brown in a telephonic interview earlier this week. “To be honest, I’m
quite stunned about this. I never heard of a request like that before.
“I think that Impala has become a bit of a pressure point in terms of their [the
Zimbabwean government’s] approach. It’s quite naive to think that you can only have
one shareholder; there’s no logical answer,’ he added.
Said Kasukuwere on indigenisation: “The time for negotiation is over. We are writing
a letter [today] to Implats and Anglo Platinum’s Unki that the shares in those
companies should be transferred to the NIEEF,’ he said in a telephonic interview with
Miningmx.
Speaking to the state-owned Herald newspaper, Kasukuwere said: “We
[Zimbabwe] were perhaps the only country that allowed foreigners to scoop our
minerals without benefiting locals. We have now indicated to them, about 20 to 30
companies that were dilly-dallying, that the time for negotiations is over. We have
given them two weeks to lodge their plans on transfer of shares.’
The minister said just over 50 companies had submitted acceptable indigenisation
plans since Government gazetted indigenisation regulations last year, the
Herald reported.
Neither Brown, nor Aquarius Platinum CEO Stuart Murray, were not available for
comment at the time of writing.
