Zimplats is a subsidiary of the top mining firm the Impala Platinum Mines Limited (Implats) based in South Africa and listed on the influential Johannesburg Securities Exchange (JSE).
Last week the Minister of Indigenisation, Empowerment and Youth Development, Saviour Kasukuwere, of the former ruling party Zanu PF, told Zimplats bosses that their operating licence had been withdrawn because their indigenisation plans had been "rejected".
However, in an interesting twist of events, the Minister of Mines and Mining Development, Obert Mpofu, then quickly distanced himself from the information saying he "does not know anything about the Zimplats operating licence issue".
To-date nothing has been heard about the "alleged" withdrawal of the Zimplats operating licence within the mining sector and the issue seems to have died a natural death but could be brought up at the Zimbabwe Mining Indaba which begins at the five star Meikles Hotel on Wednesday morning.
The Indaba is being organised by the South African investment firm, Utho Investments (Private) Limited.
More than 300 top personalities form the South African mining industry as well as Zimbabwe's rejuvenated industry are expected the attend the high profile event.
Minister Kasukuwere is expected to be grilled during the question and answer sessions on his statements by the Media and mining industry gurus who have failed to get a response from him before tomorrow's event.
Leading chartered accountancy firm, Deloitte and Touche (Zimbabwe) (Private) Limited led by chartered accountant, Tawanda Gumbo, last night hosted the Cocktail Party tonight leading to today's official opening.
The mining sector has already blasted Zimbabwe's new Indigenisation Act pointing out that it does not serve the interests of the cash-strapped Government of National Unity (GNU), coming at a time when the country seriously needs major investments especially in the mining sector.
The Chamber of Mines of Zimbabwe (COMZ) currently led by President Victor Gapare, told Kasukuwere that they could cede about 25 percent of their foreign stake and not the 51 percent required by government today.
Under the new regulations foreign-owned firms have to cede at least 51 percent of their stake in local but foreign-owned firms with a turnover of at least US$1 million.
The mining sector "conservatively needs at least US$5 billion to get back on track after virtually all the mines in Zimbabwe were shut due to liquidity problems bedeviling the important sector.
Post published in: News