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revised Indigenisation Plan.
This follows the company’s recent meetings with the Minister of Youth Development, Indigenisation and Empowerment, Saviour Kasukuwere.
In an update to its shareholders yesterday, the company said the threat of having its licence cancelled had fallen away and the company was now working on an acceptable revised plan.
“A process has been agreed upon which will lead to the production and submission of a revised Indigenisation Plan reflective of the Indigenisation and Economic Empowerment legislation, by mid-November 2011.
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“The threat of cancellation of the company’s operating licence has thus fallen away. The company will begin the process by implementing a Community Share Ownership Trust. Work on the registration of the Trust will commence shortly,” said Zimplats.
Zimplats is 87 percent owned by South African-based Impala Platinum, which also owns 50 percent in another local platinum producer, Mimosa.
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Zimplats is expected to formulate an indigenisation and implementation plan using the valuation report consistent with the country’s indigenisation law.
Meanwhile, Minister Kasukuwere told delegates at the ongoing third edition of the Zimbabwe Mining Indaba that the Government is in the process of determining modalities for the establishment of a sovereign wealth fund that will hold stakes in mining companies.
“The sovereign wealth fund will hold shares in various mining businesses. It is a vehicle to ensure that Zimbabwe’s natural resources benefit the whole nation rather than a select few,” said Minister Kasukuwere.
The minister also said community trusts would also be established to hold shares in mining businesses stressing, however, that these trusts will be dormant equity holders.
Online Reporter