adminsubmitted its final plan to Government on Thursday last week for consideration.
Zimplats is a unit of South Africa’s Impala Platinum.
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere last week said he was happy with the progress.
“I can safely say we are not unduly disturbed by what’s coming from Zimplats,” he said. “I am very excited that we are making very good progress. Discussions are now at an advanced stage.”
The company’s proposal was turned down in September following disagreements with the Government.
Murowa Diamonds, Caledonia, New Dawn and Blanket are among mining companies which initially had their proposals rejected.
They were given ultimatums after submitting unacceptable plans. They have come up with revised plans that now await final approval.
The Indigenisation and Empowerment Act requires foreign-owned companies to sell at least 51 percent of their equity to black Zimbabweans.
The empowerment deal comes after Zimplats recently launched its Community Share Ownership Trust, which will acquire 10 percent of the operating subsidiary’s issued share capital.
The Trust will benefit Mhondoro-Ngezi, Chegutu and Zvimba districts, where the company operates.
The share acquisition by the Trust is a key component of the operating subsidiary’s indigenisation plan and work on the Deed of Trust is in progress.
US$10 million seed capital is already in place.
For the quarter ended September 30 2011, Zimplats turned over US$133 million, representing a 9 percent decline compared with the previous quarter.
The company said reduced revenues were mainly due to lower sales volumes.
Operating costs were 6 percent lower than the last quarter in line with lower production and sales volumes. Operating profit also declined 12 percent to US$61 million due to the lower revenue.
The company received a total of US$163 million in the quarter of which US$151 million was from metal sales and US$12 million an off-shore loan drawdown.
Online Reporter