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