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Implats, Aquarius fall on Zimbabwe indigenisation news

Publishing Date
28 Mar 2011 12:06pm GMT
Mining Journal

The share prices of platinum miners with Zimbabwean exposure shed more than their industry peers on Monday after government in the southern African country gazetted indigenisation laws requiring local control of all mining assets.

Aquarius Platinum Ltd said in a statement that the Minister of Youth, Indigenisation and Economic Empowerment had published a statutory instrument setting out requirements for the provisions of the Act.

The Notice defines stated the ownership requirements as "a controlling interest or 51% of the shares or interests which in terms of the Act is required to be held by indigenous Zimbabweans in the non-indigenous mining business concerned".

The notice also indicates that foreign-owned companies must, within 45 days, submit an indigenisation implementation plan and once approved this plan must be implemented within six months.

Aquarius said: “To this end, Aquarius confirms that it's Zimbabwean operating subsidiary, Mimosa Mining Company (Pvt) Ltd, is engaged in discussions with the relevant authorities in order to establish a position that will be compliant with the Act and beneficial to stakeholders.”

The Aquarius share price was down 4.7% in London, compared with larger peer Lonmin which was down 1% and has no exposure to Zimbabwe.

Impala Platinum Ltd (Implats) was down 4.5% in Johannesburg, compared with Anglo Platinum Ltd, which is ramping up the Unki mine in the country, was down just over 2%.

Implats is the other joint venture holder in Mimosa and also owns over 80% of Zimbabwe Platinum Ltd (Zimplats).

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