Aquarius Platinum says it has agreed a memorandum of understanding (MoU) with indigenous groups in Zimbabwe over plans for development.

The Mimosa operation is being touted as a potential empowerment investment by Aquarius Platinum, with the firm keen to lead the way in establishing Back Economic Empowerment (BEE).

Speaking as the platinum miner announced positive results, chief executive Stuart Murray said it was now on the brink of establishing a potential deal structure for the indigenous people.

The move from Aquarius underlines the vast potential in Zimbabwe, despite the political and economic turbulence.

However, news that the firm is pushing ahead with plans for BEE may surprise some observers given speculation that the laws governing the process may yet be reviewed in South Africa.

Recent reports in the Times suggested that South Africa's deputy president Phumzile Mlambo-Ngcuka was considering relaxing the proposed targets.

Under the BEE rules many South African firms were required to hand back up to 26 per cent of their equity to BEE partners.

But Ms Mlambo-Ngcuka is now said to be looking to stimulate economic growth by easing up on the rules currently binding many of South Africa's biggest firms.

A meeting of the dominant African National Congress party is said to have covered plans on how to disentangle the country from its BEE commitments, which have long been a central tenet of South African policy in a bid to attract greater overseas investment.


Ÿ Adfero Ltd