Zimbabwe Refuses Extension of Due Date for Zimplats

Bloomberg reported Zimbabwe rejected a request by Zimplats (JSE:IMP) to extend the deadline when the company must hand over ownership to local citizens.

As quoted in the market news:

Indigenization Minister Saviour Kasukuwere told Impala, the world’s second-biggest platinum producer, on Feb. 22 it had 14 days to hand the stake to the National Indigenization and Economic Empowerment Fund or face “enforcement mechanisms.” Two years ago, Zimbabwe published new rules demanding foreign companies transfer 51 percent of domestic operations to locals.

Click here to read the full Bloomberg report.