Zimbabwe Platinum Mines (Zimplats) has recommended to its shareholders a share cash offer made for the company by platinum world number two Impala Platinum (Implats).

Zimplats says an independent expert, Venmyn Rand, has valued the Zimbabwean producer at between $3.28 and $4.76 per share over the medium to long term, with a mid point of $4.02. Implats' offer is for $4.08 a share.

'The company's board…concluded that Implats' offer was fair and reasonable and, in the absence of a higher bid, shareholders should accept', a Zimplats statement said.

'In order for Zimplats to continue its expansion plans it requires significant and sustained capital injections over the next decade', it continued.

Implats already has a 50.53 per cent stake in Zimplats, and has made this latest offer to help with the latter's expansion plans.