Zimbabwe rejects Aquarius's 'indigenisation' plan
Mining giant Aquarius Platinum has said that the Indigenisation Implementation Plan its indirect 50% subsidiary submitted to the government of Zimbabwe in November 2011 has been rejected.
Mining giant Aquarius Platinum has said that the Indigenisation Implementation Plan its indirect 50% subsidiary submitted to the government of Zimbabwe in November 2011 has been rejected.
Mimosa Holdings had submitted a plan outlining how it would meet the country's law requiring foreign miners to sell 51% of their assets to entities designated by the government.
The firm was advised by the Zimbabwean Minister of Youth Development, Indigenisation and Empowerment that unless an agreement is reached within 30 days from February 22nd, when the firm received the letter, "enforcement mechanisms will be activated."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Aquarius said it is "is concerned to note the statement by the Minister and advises shareholders that negotiations with the Minister will be undertaken in an attempt to reach a mutually acceptable solution."
It added that shareholders will be informed of further material developments as they occur.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”
-
FCA reveals 'once in a generation' advice changes - what the reforms mean for you
Consumers to get free access to financial advice type help for pensions and investment following proposed changes from the regulator