Impala Platinum's local unit in Zimbabwe, Zimplats, is expected to submit a revised plan for implementing a new law requiring a majority stake of mining companies to be owned by local black residents.

Following a meeting on September 12th, Zimplats has committed to submit a revised plan to the government on November 15th, a statement by the two parties confirmed.

The agreement comes after Zimbabwe rejected Zimplats' initial share transfer plan submitted in response to the new indigenisation legislation, requiring mining firms to turn over a 51 per cent stake to local Zimbabweans.

A joint statement from Zimplats and Zimbabwe empowerment minister Saviour Kasukuwere, published by Reuters, noted: "The parties met on September 12th and agreed on a process that will result in the production of a revised indigenisation implementation plan for Zimplats in line with, and reflective of the country's indigenisation legislation.

"In the meantime, Zimplats and the ministry will immediately proceed to implement a community share ownership trust."

Last month, Impala Platinum's chief executive officer David Brown said that the Zimbabwean indigenisation policy makes future investment decisions by the company "problematic".

According to Mining Weekly, Mr Brown said that the company remained committed to continued negotiations, adding that he was confident Impala would retain an "adequate and appropriate level of equity".

This week, Mr Brown told Reuters that Impala is forging ahead with its expansion project despite the new equity policy. The expansion is set to boost investment in the country by the world's second-largest platinum producer to $1 billion (£632 million).

Following its latest rejection of Zimplats' initial share plan, Mr Kasukuwere is alleged to have asked the mining industry to cancel its operating licence.

This would have had serious implications for mining production in Zimbabwe, where Zimplats is on course to increase platinum production from 90,000 oz to 270,000 oz/y.

Source:

Zimbabwe, Zimplats to develop revised ownership plan (13/09/11)

Implats confident of attaining ‘appropriate’ equity ownership level in Zimbabwe (25/08/11)
 
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