EGP declines vs. USD at Thursday's close    Euro area inflation rises to 2.0% in October '24 – flash estimates    IF YOU LOVE SOMEONE WHO SMOKES, GIVE THEM THE FACTS    Asian stocks slide as chip sector weakens    Egypt's Minister of Environment highlights biodiversity issues at COP16    Egypt's Agriculture Minister meets Syrian, Bahraini counterparts to boost cooperation in Amman    Al-Qassam Brigades targets Israeli vehicles in eastern Gaza    ACUD, DP World, and GAFI sign MoU to develop free zone in New Capital    Egyptian government encourages increased mutual investment with Bahrain: Finance Minister    A Tale of Two Cities: Alexandria hosts 2nd edition of exhibition celebrating Greek, Egyptian cultural ties    Egypt, Djibouti leaders discuss strengthening ties, regional issues    Egypt's FM affirms commitment to Sahel security, offers support to Niger    Egyptian banking sector support underprivileged communities in Alexandria – CBE    Afghanistan signs $163m deal for cement plant    US tightens tech investment rules for China    Biden unveils $3b investment to strengthen US port infrastructure    Military Production, Environment Ministers inaugurate banana fiber recycling plant    Luxor Museum to host exhibition on 19th century antiquities inspection tours    Nourhan Kamal Wins 2024 Helmi Sharawy Award for African Studies    Egypt observes Intl. E-waste Day, highlights recycling efforts    Egypt's military capabilities sufficient to defend country: Al-Sisi    Al-Sisi emphasises water security is Egypt's top priority amid Nile River concerns    Cairo Opera House hosts grand opening of Arab Music Festival, Conference    Grand Egyptian Museum ready for partial trial run on October 16: PM    Colombia unveils $40b investment plan for climate transition    Kabaddi: Ancient Indian sport gaining popularity in Egypt    Ecuador's drought forces further power cuts    Al-Sisi orders sports system overhaul after Paris Olympics    Basketball Africa League Future Pros returns for 2nd season    Egypt joins Africa's FEDA    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Paris Olympics opening draws record viewers    Who leads the economic portfolios in Egypt's new Cabinet?    Financial literacy becomes extremely important – EGX official    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Egypt records 36 new deaths from Covid-19, highest since mid June    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Mining firm agrees to transfer majority stake to Zimbabwe
Published in Bikya Masr on 13 - 03 - 2012

HARARE (dpa) – South African mining firm Impala Platinum (Implats) agreed Tuesday to transfer a 51-per-cent stake in the company's local unit in Zimbabwe to blacks in the country.
The move was demanded by the Zimbabwe government, which threatened to nationalize Zimplats, the local unit, unless the South African firm agreed to a transfer. The company and the government in Harare have been at odds for two years.
Tuesday was the final day given by Zimbabwe for the transfer of the stake, worth some 331 million dollars, according to estimates in South Africa.
The government is demanding that foreign-owned companies transfer just over half their stakes to black Zimbabweans as part of an “indigenisation” program designed to help previously disadvantaged blacks.
Until independence in 1980, Zimbabwe was run by a white-minority government.
It remained unclear how the Zimbabwe government, which is starved for funds after the economy tanked more than a decade ago, will pay for the stake in Zimplats.
The collapse of the southern African nation's economy is largely blamed on flawed policies by President Robert Mugabe, including measures that allowed inflation to reach astronomical levels while also evicting white farmers from their land without compensation.
According to the mining deal reached, 10 per cent of the stake will go to the community, a further 10 per cent to Zimplats employees, and 31 percent to the National Indigenisation and Economic Empowerment Fund.
Implats is the world's second largest platinum producer. The moves against the company had frightened other investors away from Zimbabwe, according to analysts.
BM
ShortURL: http://goo.gl/pjXh5
Tags: 51%, Platinum Mine, Zimbabwe
Section: Africa, Business


Clic here to read the story from its source.