adminan unspecified date.
Secretaries for Youth Development, Indigenisation and Empowerment Mr George Magosvongwe and Mines and Mining Development Mr Prince Mupazviriho were expected to discuss the matter.
Mr Mupazviriho said yesterday the meeting had been postponed because key people scheduled to attend were away on other pressing official engagements.
The meeting would have preceded another one set for yesterday between Mines Minister Dr Obert Mpofu and his indigenisation counterpart, Mr Saviour Kasukuwere, for a final position.
“The meeting did not materialise because some of the members were not available. They were attending other (official) businesses elsewhere,” Mr Mupazviriho said yesterday.
Minister Kasukuwere last week gave Zimplats two-weeks to transfer 29,5 percent to an empowerment fund for the mining firm to meet the balance of the 51 percent local shareholding. Zimplats responded by requesting more time to comply with the directive, but the request was turned down.
In its indigenisation plan Zimplats had proposed to give 10 percent stake to local communities, 5 percent to a staff share trust, 6,5 percent to a sovereign wealth fund and wanted the balance for a 51 percent indigenous shareholding to be awarded as credits for platinum claims released to Government.
Foreign mining firms with a net asset value above US$1 are required to sell at least 51 percent to indigenous blacks as part of Government’s efforts to uplift previously disadvantaged locals.
Government and Zimplats have so far failed to agree on an indigenisation framework for the platinum mining giant, 87 percent owned by Implats of South Africa.
A recent meeting between Zimplats and Government also ended in a deadlock, as the company insisted on empowerment credits to comply with the laws.
Last week, Minister Kasukuwere said empowerment credits were not provided for in the laws and the framework for meeting the requirements of the Indigenisation and Empowerment Act.
Zimplats has insisted that the Government recognise an agreement signed in 2006, entitling the firm to empowerment credits in exchange for a US$153 million block of reserves it had released.
The Government dismissed the proposal, but indicated it was prepared to compensate Zimplats the fair value of the ground released.
The claims release agreement was, however, signed when the Government had not finalised the Indigenisation Act, passed into law in 2008.
Minister Kasukuwere recently wrote to Zimplats making it clear that the Government would take action against them without further notice in the event the company failed to transfer the 29,5 percent stake to the National Indigenisation and Empowerment Fund within the two-week deadline.
Online Reporter