Zimbabwe Accepts Zimplats Indigenisation Proposal

After long drawn-out negotiations Zimbabwe’s government has decided to accept Zimplats’s ownership offer under the country’s Indeginisation and Economic Empowerment laws, according to an unnamed government official.

The official, according to Reuters, said the Zimplats’ proposal “meets the requirements of both the economic empowerment act and the regulations of the act and is deemed acceptable to the government.”

Implats CEO David Brown was due to meet with the Chairman of the National Indigenisation and Economic Empowerment Fund, David Chapfika, on Tuesday.

Zimplats said the plan was accepted in principle and ‘implementation would be to an appropriate value with the details for the 51% shareholding would be addressed by a joint technical team, comprising Implats, the ministry responsible for indigenisation and the NIEEB (National Indigenisation Economic and Empowerment Board).

Zimplats needed to come to an agreement with the government today  to avoid stern measures from the state.