Impala unit Zimplats Holdings Ltd. (ZIM) is in danger of being ousted from Zimbabwe despite the potential of investing 10 billion dollars into their Zimbabwe lining interests.

Impala unit Zimplats Holdings Ltd. (ZIM) “continues to defy the laws of this land, continues to abuse the process,” according to the Zimbabwean Indigenization Minister Saviour Kasukuwere. He went on, “We would like to let Zimplats continue mining in this country, but if they continue to disregard laws of this country we are left with no option to proceed in terms of the law.”

Zimbabwe, with the world???s second-biggest reserves of platinum and chrome after neighboring South Africa, has demanded all foreign or white-owned companies submit their plans to sell stakes in assets in the country for approval by the government. this means giving up 51 percent of their shareholding to Black Zimbabweans. They risk losing their right to operate if they do not comply.

The Minister said that, “Rio Tinto Group???s Murowa diamond mine are among 45 operations that have met a plan to increase ownership by black citizens of Zimbabwe while Impala Platinum Holdings Ltd. (IMP) unit has failed to do so.”

President Robert Mugabe, at the opening of parliament yesterday, stated that “Investments by companies in the southern African nation are safe, urging compliance with the policy.”

The government is working on setting up a state company to lead mineral exploration and is planning new laws on diamond mining.

This entry was posted on Wednesday, September 7th, 2011 at 11:00 am.