Zimbabwe Govt Says It Won’t Pay Impala for Zimplats Unit

Bloomberg reported that Zimbabwe president Robert Mugabe said that his country should not pay Impala Platinum Holdings Ltd. for the stake in Zimplats because all resources belong to Zimbabwe.

As quoted in the market news:

Impala, which owned 87 percent of Zimplats and is the world’s biggest producer of the metal after Anglo American Platinum Ltd., signed terms to sell 51 percent of the unit to the country’s black citizens in January. Any previous agreement between Zimplats and Zimbabwe’s National Indigenization and Economic Empowerment Board must now “take into account” Mugabe’s statement, Kasukuwere said.

Click here to read the full Bloomberg report.