Implats’ revised indigenisation plan

Impala Platinum's Zimbabwe unit has submitted a revised plan to comply with a law requiring foreign mining firms to turn over a 51% stake to local blacks, empowerment minister, Saviour Kasukuwere, said last Friday.

The plan by Impala, the world's second largest platinum producer, was submitted on Thursday and the government plans to conclude talks with its unit, Zimplats, by today.

"I can safely say we are not unduly disturbed by what's coming from Zimplats. I am very excited that we are making progress," he said.

Implats said last month it had agreed to turn over a 10% stake in Zimplats to locals after facing pressure from the government to give up equity or lose out in the state with the world's second largest platinum reserves.

The 10 percent stake was topped with $10 million, which Implats said would be used to set up a trust to administer the shares awarded to the community. Implats said on Thursday that output of platinum in matte at Zimplats rose marginally to 45,000 ounces in the quarter to the end of September compared to the same period last year.

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