Zimbabwe Rejects Aquarius, Impala Platinum’s Plans for Local Ownership

Bloomberg reported Aquarius Platinum (JSE:AQP) and Impala Platinum (JSE:IMP) fell on the rand on Friday when Zimbabwe rejected the miners’ plans to meet local ownership laws.

As quoted in the market news:

Aquarius declined 6.4 percent to 16.50 rand, the lowest close since Nov. 20, 2008. Impala, which has a smaller proportion of its assets in Zimbabwe, gained. They were told of the rejection in a letter from Indigenization Minister Saviour Kasukuwere dated Feb. 22, Impala said. The country is forcing foreign companies to cede or sell 51 percent of local assets to black Zimbabweans or government-approved agencies.

Click here to read the full Bloomberg report.