Zimbabwe to Review Plan for Zimplats Sale

Reuters reported that the government of Zimbabwe is set to review Impala Platinum Holdings Ltd.’s (OTCMKTS:IMPUY) plan to sell control of Zimplats Holdings Ltd. (ASX:ZIM) to local black investors for $971 million. The sale is part of the country’s indigenization program.

As quoted in the market news:

In a statement accompanying its July-September results, Zimplats said Zimbabwe’s new indigenisation minister, Francis Nhema, would review the agreement as well as discuss Harare’s plans to reposess half of the company’s mining claims.

‘Following the installation of a new government, the company’s indigenisation plan will now be reviewed by the new Minister of Indigenisation,’ Zimplats said.

‘These discussions will also include further engagement on the previously announced land acquisition by government.’

It was not immediately clear why the government was undertaking the review.

Click here to read the full Reuters report.