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Zimbabwe and Implats Agree to 51% Ownership Change
Mar. 13, 2012 04:08PM PST
Precious Metals InvestingReuters reported Zimbabwe’s and Impala Platinum (JSE:IMP) have come to an agreement regarding when 51% of ownership in the platinum miner should be nationalized.
Reuters reported Zimbabwe’s and Impala Platinum (JSE:IMP) have come to an agreement regarding when 51% of ownership in the platinum miner should be nationalized.
As quoted in the market news:
The cave-in followed months of wrangling over the ownership requirement, which has further jolted investor confidence in the southern African state. The demand that foreign-owned companies, particularly miners, transfer a 51 percent stake in local operations to black investors was widely seen as a populist tactic by President Robert Mugabe’s ZANU-PF party in the run-up to elections expected later this year.