Braking news on the Zimplats issue with the Zimbabwe Government.

According to Saviour Kasukuwere, the South African-controlled Zimplats company has failed to comply with an August 31 deadline requiring foreign businesses to say how they propose to yield a 51 per cent stockholding to black Zimbabweans.

He stated that the the Zimplats licence will be revoked any day now. This is the first major mining company in Zimbabwe to be suspended under the new national “indigenization” legislation. Some critics have said that this is going to scare off any further investment into what is still an ailing economy and they do not understand how thbis legislation is going to help Zimbabwe.

Zimbabwe and South Africa are the world’s biggest suppliers of platinum but how long that will continue is anyones guess now.

This entry was posted on Thursday, September 8th, 2011 at 3:58 pm.