Aquarius Platinum has confirmed that local communities have acquired a stake in the Mimosa mine in Zimbabwe, a 50:50 joint venture with Impala Platinum (Implats).

The miner said it is part of the final indigenisation plan being discussed between itself and the government of Zimbabwe.

Under the country's indigenisation policy, mining companies are required to hand over a 51 per cent stake to local black investors.

Aquarius said Mimosa had signed a deed of trust incorporating the Zvishavane Community Share Ownership Trust.

"The beneficiaries of the trust include the communities surrounding the Mimosa mine and the deed of trust is expected to form an integral part of the overall indigenisation plan being developed between Mimosa and the government of Zimbabwe," the miner said in a statement.

Reuters reported this week that Zimbabwe's youth and empowerment minister Saviour Kasukuwere confirmed that Mimosa has given up a ten per cent stake to locals.

"This is the first phase of [Mimosa's] compliance, they have given ten per cent shareholding to the community after reaching an agreement with the community and have already signed," he said.

Sources:

Aquarius confirms Mimosa ownership deal (13/12/11)

Implats Zimbabwe JV gives 10 pct stake to locals: minister (12/12/11)

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