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Zimplats agrees US$971M Zimbabwe indigenisation plan

Publishing Date
11 Jan 2013 1:05pm GMT
Author
Mining Journal
Impala Platinum Holdings Ltd’s (Implats) 87% subsidiary Zimplats Holdings Ltd has agreed to sell a 51% stake in its platinum operations to indigenous entities in Zimbabwe for US$971 million, bringing the company in line with the country's indigenisation plan.

Zimplats will provide finance at a rate of 10%/y to the indigenous groups, which include community and employee share ownership trusts and the National Indigenisation and Economic Empowerment Fund (NIEEF).  It will also provide US$10 million of capital to the community trust over the next two years, US$3.3 million of which has already been paid.

Implats said all shareholders would be required to contribute to any future funding that is financed via equity subscriptions or else face dilution of their stake.

“This agreement underlines our commitment to good corporate citizenship and lays the foundation for the creation of a sustainable Zimbabwean platinum mining company,” Implats’ chief executive Terence Goodlace said.

Zimplats operates three underground mines and a concentrator at its Ngezi platinum group metals project in Zimbabwe, which produced 396,400oz of PGM in matte from June 2011 to June 2012.

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