Zimplats Sells Majority Stake in Zimbabwe Unit to Locals for $971 Million

Reuters reported that Impala Platinum (OTC Pink:IMPUY), the second-largest platinum miner in the world, plans to sell local black investors a majority stake in its Zimbabwe unit for $971 million.

As quoted in the market news:

Under the deal, Implats will transfer 51 percent of Zimplats to Zimbabwean investors as follows: 10 percent to the community, 10 percent to Zimplats employees and 31 percent to the state-controlled National Indigenisation and Economic Empowerment Fund.

Click here to read the full Reuters report.