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
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
