Zimplats appeals Zimbabwe land acquisition

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By Zimbabwe Investor on March 29, 2013. No Comments

Zimplats says it has lodged an objection to Zimbabwe’s bid to compulsorily acquire about 28,000ha of land containing half of the mineral claims it owns in the country.

Zimplats has signed an agreement to transfer 51% to indigenous Zimbabweans

Zimplats recently signed an indigenisation deal to hand over 51% of shares to locals.

Zimplats is the biggest mining company in Zimbabwe. In January this year, it agreed to give away 51% shares to black Zimbabwean groups under a controversial empowerment drive meant to give control of foreign companies to Zimbabweans.

The company, despite its move to comply with the contentious legislation, has been beset by headwinds which it has had to confront head-on.

The government has gazetted its bid to take over the 27,948ha of land Zimplats owns and gave the Implats’ unit up to the end of this month to object this move.

Zimplats CEO Alex Mhembere has now said that the miner has lodged a complaint against the controversial acquisition of its land by the government, which has said it intends to give away the land to five new investors.

“Zimbabwe Platinum Mines lodged an objection on 27 March 2013 to the Preliminary Notice published in General Notice 123 of 2013 in the Zimbabwean Government Gazette Extraordinary of March 1 2013 with regard to the president’s intention to acquire compulsorily 27,948ha of land held by Zimplats,” said Mr Mhembere on Thursday.

The powerhouse platinum miner’s indigenisation compliance bid has been rocked by allegations of corruption and irregular conduct on the part of Empowerment Minister Saviour Kasukuwere and the National Indigenisation and Economic Empowerment Board (NIEEB).

Mr Kasukuwere and NIEEB officials are now under probe from the Zimbabwe Anti-Corruption Commission (ZACC). – BDLive