Implats board to meet Friday on Zimbabwe handover deadline

The board of Implats, the world’s second-largest platinum producer, will meet Friday to discuss a new proposal for meeting Zimbabwe’s ultimatum to hand over a nearly 30 percent stake in its subsidiary Zimplats, the company said in a statement.

Implats also denied reports that it had already made an irrevocable offer to Zimbabwe’s government, but reiterated its “commitment to finding an equitable and mutually acceptable solution”.

“The Implats board will be meeting on Friday, March 9, to discuss its proposal and will report back to the government of Zimbabwe on Tuesday,” it added.

Foreign companies operating in Zimbabwe are compelled to sell 51 percent shares to black Zimbabweans, under a controversial law that has stoked tensions within the rocky unity government of long-ruling President Robert Mugabe and Prime Minister Morgan Tsvangirai.

Saviour Kasukwere, the minister implementing the equity law, on Wednesday gave Implats until March 13 to sell off a 29.5-percent stake in Zimplats or risk nationalisation.

Mimosa Holdings, a Zimplats joint venture with Aquarius Platinum, last month took a step toward complying with the law. It put $2 million into a community trust fund meant to repair roads and provide clean water for residents near the mine.

But so far Zimplats has not been able to reach a deal for overall compliance, with parts of its plan rejected last month.