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.

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."

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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