admin
Saviour Kasukuwere said yesterday that they were now working on asset valuations.
He told journalists on the sidelines of the Euromoney Zimbabwe Investment Conference that 10 percent of the shares would go to the community, another 10 percent to workers, 6 percent to the Public Service and 25 percent to the National Indigenisation and Economic Empowerment Board.
Aquarius Platinum and Implats jointly own Mimosa on a 50-50 basis. Implats also owns a controlling 87 percent in Zimplats. “They have submitted a compliant 51 percent plan,” said the minister. “It has since been submitted to the ministry and has been accepted.
“We are now working on the valuations of the resource assets and the investment they have made. At least, we are in the right direction.”
The compliant plan by Mimosa effectively loosens the dominance of Impala in the platinum mining sector. Minister Kasukuwere said the Government was seeking a “win-win” situation with Implats.
“At the end of the day we want a win-win situation. We are on track and on course on the realisation of the law. We need a fair share of what is due to us. Discussions are ongoing at the moment,” he said, referring to progress on both Mimosa and Zimplats.
Mimosa chief executive Mr Winston Chitando could not be reached for comment.
Minister Kasukuwere said investors in Zimbabwe should be guided by the laws of the country, as opposed to “personal opinions.”
“Anyone is free to give their personal opinion but serious investors should be guided by the law,” he said.
Those who break the law would face the consequence, he said. Economic Planning and Investment Promotion Minister Tapiwa Mashakada had earlier told the conference that potential investors should “not be scared away by the policy”.
“We have the indigenisation law, but do not be scared away by the policy. Engage the authorities and we will assess the strategic nature of your investment,” said Minister Mashakada.
This was in apparent reference to the Ziscosteel deal which saw the Indian firm Essar Global taking over 54 percent equity in the steel and iron making firm previously known as Ziscosteel.
Online Reporter