{"id":8290,"date":"2012-02-24T14:34:23","date_gmt":"2012-02-24T12:34:23","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-2-zimbabwe-rejects-mimosa-ownership-plan\/"},"modified":"2012-02-24T14:34:23","modified_gmt":"2012-02-24T12:34:23","slug":"update-2-zimbabwe-rejects-mimosa-ownership-plan","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-zimbabwe-rejects-mimosa-ownership-plan\/","title":{"rendered":"UPDATE 2-Zimbabwe rejects Mimosa ownership plan"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">HARARE\/JOHANNESBURG<\/span> Feb 24 (Reuters) &#8211; Zimbabwe has<br \/>\nrejected a local ownership plan submitted by Mimosa Holdings, a<br \/>\n50-50 joint venture between Aquarius Platinum and Impala<br \/>\nPlatinum, the two miners said, fuelling uncertainty<br \/>\nabout the future of the venture.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;A clear and present danger of expropriation now exists for<br \/>\nMimosa, a risk which has dogged Aquarius since 2009,&#8221; Liberum<br \/>\nCapital said in a note.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Since 2009 Aquarius (stock) has underperformed its South<br \/>\nAfrican peers by 35-45 percent. A significant reason being its<br \/>\ngreater exposure to Zimbabwe. We still feel seizure of Mimosa<br \/>\nrepresents a worse case scenario and that a compromise may be<br \/>\nreached.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Shares in London-listed Aquarius, which has a greater<br \/>\nexposure to Zimbabwe than its peers, were down 7.7 percent at<br \/>\n134.3 pence by 0902 GMT on Friday, while Implats shares were<br \/>\ndown 0.2 percent at 165.93 rand in Johannesburg.<\/p>\n<p><span><\/span><\/p>\n<p>A heavily criticised law, which mandates that all foreign<br \/>\nminers sell a 51 percent stake to local Zimbabweans, has<br \/>\nunnerved overseas investors and further divided the government<br \/>\nPresident Robert Mugabe formed with rival Prime Minister Morgan<br \/>\nTsvangirai in 2009.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Mimosa was advised by the Zimbabwean Minister of Youth<br \/>\nDevelopment, Indigenisation and Empowerment that a portion of<br \/>\nits Indigenisation Implementation Plan has been rejected,&#8221;<br \/>\nImplats said.<\/p>\n<p><span><\/span><\/p>\n<p>Both Implats and Aquarius said they were concerned about a<br \/>\nstatement made by the minister that unless an agreement is<br \/>\nreached with the economic empowerment fund to transfer the<br \/>\nrequired shareholding to the fund within 30 days, enforcement<br \/>\nmechanisms would be activated.<\/p>\n<p><span><\/span><\/p>\n<p>The two companies said they would negotiate with the<br \/>\nminister to reach a mutually acceptable solution.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HARARE\/JOHANNESBURG Feb 24 (Reuters) &#8211; Zimbabwe has rejected a local ownership plan submitted by Mimosa Holdings, a 50-50 joint venture between Aquarius Platinum and Impala Platinum, the two miners said, fuelling uncertainty about the future of the venture. &#8220;A clear and present danger of expropriation now exists for Mimosa, a risk which has dogged Aquarius [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8290","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8290"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8290\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}