Zimbabwe and Implats Agree to 51% Ownership Change

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.

Click here to read the full Reuters report.