Zimbabwe Orders Platinum Miners to Resubmit

Bloomberg reported Zimbabwe’s mines ministry ordered 469 local and foreign miners to resubmit applications for exploration rights.

As quoted in the market news:

Zimbabwe, which with South Africa holds more than three- quarters of the world’s platinum, officially published a law two years ago that compels foreign-owned companies to cede or sell 51 percent of their shares to black nationals or state-approved agencies.

Impala Platinum Holdings Ltd. (IMP), the world’s second-largest producer of the metal, in March agreed in principle to sell 31 percent of its Zimplats unit to a state agency and 20 percent to employees and communities. Impala owns 87 percent of Zimplats.

Click here to read the full Bloomberg report.