Zimbabwe increases pressure on miner
Wednesday 24 August 2011
Impala Platinum's Zimbabwe unit Zimplats said it is in talks with the government after authorities rejected its black empowerment plan.
Zimbabwe last week gave several foreign-owned banks and mines, including Zimplats, two weeks to submit new proposals on how they would transfer majority shares to local blacks or risk losing permits. The South Africa-based Impala, the world's second largest platinum producer, owns 87 per cent of Zimplats.
Apart from Zimplats, other foreign firms given the 14-day ultimatum include Aquarius Platinum, Rio Tinto's diamond mine Murowa, British American Tobacco and local units of British banks Standard Chartered and Barclays.
Zimbabwe has the world's second-largest known platinum reserves after neighbouring South Africa and market watchers and investors are therefore keen to see how the drama unfolds against the backdrop of soaring commodity prices.
Critics say the empowerment law, which was enacted in 2008 and seeks to transfer at least 51 per cent shares in all foreign-owned firms to local blacks, threatens the country's fragile recovery. A unity government set up by President Robert Mugabe and his rival Prime Minister Morgan Tsvangirai two years ago is sharply divided over the law.
The government has also reportedly directed the Standard Bank's Zimbabwe unit to make available up to 40 per cent of its shareholding to locals.
- 1 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
- 2 Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
- 3 Make your voice heard: Sign The Independent's petition to welcome refugees
- 4 Refugee crisis: Aylan's life was full of fear - in death, he is part of 'humanity washed ashore'
- 5 German police forced to ask public to stop bringing donations for refugees arriving by train
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Britain to take more refugees as Cameron bows to pressure after more than 100,000 back our campaign
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...
£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...