Zimplats says it has secured the backing of its shareholder for a plan to land a further 30 per cent of the Makwiro platinum joint venture it operates with Impala Platinum.

Chairman Rob Still claimed that the time was right to take up Implats' stake in the venture, saying that the presence of the South African miner in the deal had "served the shareholders of Zimplats well" but was now overdue.

Zimplats will issue 14.9 million new shares in order to generate funds for the transaction, and will also be issuing 13.4 million shares to a Black Economic Empowerment (BEE) vehicle as part of the firm's efforts to enfranchise indigenous people.

However, Mr Still made clear to Business Day that the Implats transaction remained unfinished, adding that it was "largely dependent upon the sourcing of appropriate transaction funding in a manner allowing for the effective future unencumbered ownership of such shares by the empowerment party".

"This funding may not be available, in which case, and in the longer term interests of its shareholders, Zimplats will examine, design and implement an alternative transaction structure to achieve the required empowerment objectives."

There has been much confusion in the Zimbabwean platinum industry of late, with conflicting details for the plans for BEE emerging, as the country seeks to emulate the South African model of enfranchisement.

Many foreign investors have become uneasy at what they see as an unstable backdrop to what remains a valuable geographical platinum resource.