zimplats bosses and saviour kasukuwere.pngPlatinum mining giant, Implats, has agreed to cede 51% of its shareholding in Zimplats to locals under the indigenisation and economic empowerment programme.

The agreement follows intensive engagement between shareholders and the government in a bid to comply with the country’s indigenisation laws.

Briefing the media after meeting with the government and the National Indigenisation and Economic Empowerment Board (NIEEB), Implants Chief Executive Officer, Mr David Brown agreed with the firm’s Chairman, Dr Khotso Mokele that the agreement is critical to the country’s mining sector and that what is left is to implement the agreement.zimplats workers.jpg

“I am pleased at this stage to be able to submit a plan in compliance with the indigenisation laws and what we have to do as a company is to implement the agreement,” said Mr Brown.

 

“Both parties have appreciated the fact that we needed to engage each other constructively and to a significant extent, we are finally at this stage,” Dr Mokele said.

 

The Minister of Youth Development, Indigenisation and Empowerment, Cde Saviour Kasukuwere confirmed the development, adding that the engagement had been fruitful.

 

“The plan we have received from Implats today basically complies with the laws of this country in terms of achieving the 51% minimum indigenisation ratio,” he said.

 

Impala Platinum Holdings, which is the major shareholder in Zimplats, had been at loggerheads with the government over the ceding of 51% shareholding to locals.

It was proposing to offer 29,5% ceded to government in 2006 under the empowerment credits.

The 51% shareholding will see 10% going to the community share ownership trust while another 10% will go to employee share ownership trust while 31% will be under the National Economic Empowerment Fund to be managed by NIEEB in order to benefit the country’s citizens.