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Ncube is one of the locals behind Flemiro Investments, a consortium that acquired the 15 percent stake in Blanket Mine in the initial US$11 million transaction earlier this month.
Mr Ncube left the central bank in April this year after a seven-year stint. He confirmed yesterday that he was part of the Flemiro Investments consortium and that he would be taking over as chairman to reflect the changes in ownership at one of the country’s leading gold mines.
Blanket Mine is moving ahead with its indigenisation plan as it recently signed off 20 percent of its equity to the Blanket Mine Employee Trust and the Gwanda Community Share Ownership Trust.
The two trusts will each receive 10 percent of the company’s shareholding in the second of four transactions that will see the Blanket Mine localising an effective 51 percent of its shares.
Early last month, Blanket Mine, wholly owned by Canadian firm Caledonia Mining Corporation, announced it had disposed of its 15 percent stake to a consortium of local investors, Flemiro Investments, for US$11 million.
Caledonia chief executive Mr Stefan Hayden yesterday announced the latest transaction.
“An agreement has been signed for the sale of 10 percent of Blanket for a consideration of US$7,3 million to the Blanket Mine Employee Trust, a trust that has been established for the benefit of the present and future managers and employees of Blanket. ”A second agreement has been signed for the donation of 10 percent of Blanket to the Gwanda Community Share Ownership Trust, a trust that has been established for the benefit of the local community,” he said.
The three indigenisation transactions completed to date are worth just over US$19,3 million.
This means that the final transaction of 16 percent shareholding to the National Indigenisation and Economic Empowerment Fund will be at a consideration of around US$10,6 million.
Mr Hayden said, according to the terms of a Memorandum of Understanding signed between the company and the National Indigenisation and Economic Empowerment Board, Blanket Mine will make a non-refundable donation of US$1 million to the community trust.
This means that Caledonia has completed three of the four transactions that will see the company indigenising an effective 51 percent shareholding.
Mr Hayden said his company had already submitted an agreement regarding this last remaining indigenisation transaction. Similar to the Flemiro transaction, the
company will facilitate the vendor funding of the disposal of the 20 percent shares to the two trusts, which will then be repaid through future dividends from Blanket Mine.
Online Reporter