{"id":8358,"date":"2012-02-27T02:37:57","date_gmt":"2012-02-27T00:37:57","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-1-zimplats-given-two-weeks-to-hand-over-29-5-pct-stake\/"},"modified":"2012-02-27T02:37:57","modified_gmt":"2012-02-27T00:37:57","slug":"update-1-zimplats-given-two-weeks-to-hand-over-29-5-pct-stake","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-zimplats-given-two-weeks-to-hand-over-29-5-pct-stake\/","title":{"rendered":"UPDATE 1-Zimplats given two weeks to hand over 29.5 pct stake"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(Adds quotes, detail)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">HARARE<\/span> Feb 26 (Reuters) &#8211; Impala Platinum&#8217;s<br \/>\nZimbabwe unit, Zimplats, has been ordered to transfer<br \/>\n29.5 percent of its shares to a state-run fund in order to<br \/>\ncomply with local empowerment laws, according to a letter<br \/>\nwritten by a government minister.<\/p>\n<p><span><\/span><\/p>\n<p>Zimplats, 87 percent owned by Implats, had failed to comply<br \/>\nfully with the law, which seeks to localize at least 51 percent<br \/>\nof shares in all foreign-owned firms, empowerment minister<br \/>\nSaviour Kasukuwere wrote in a letter seen by Reuters on Sunday.<\/p>\n<p><span><\/span><\/p>\n<p>Failure to present the government with a plan to transfer<br \/>\nthe holding within two weeks would result in unspecified<br \/>\n&#8220;enforcement mechanisms&#8221;, the letter added.<\/p>\n<p><span><\/span><\/p>\n<p>Kasukuwere has in the past threatened to cancel the mining<br \/>\nlicences of firms that do not comply.<\/p>\n<p><span><\/span><\/p>\n<p>On Friday, Implats said Zimbabwe had rejected part of its<br \/>\nempowerment plan, along with that of Mimosa, its 50-50 joint<br \/>\nventure platinum mine with Aquarius Platinum.<\/p>\n<p><span><\/span><\/p>\n<p>Both mines have recently launched community share ownership<br \/>\ntrusts, to which they each gave 10 percent shareholdings each.<\/p>\n<p><span><\/span><\/p>\n<p>Zimbabwe&#8217;s empowerment laws, being championed by President<br \/>\nRobert Mugabe, have been criticized by Prime Minister Morgan<br \/>\nTsvangirai, his partner in a shaky coalition government formed<br \/>\nthree years ago after violent and disputed elections in 2008.<\/p>\n<p><span><\/span><\/p>\n<p>Analysts say the law is holding back the impoverished<br \/>\nsouthern African country&#8217;s economic recovery from a decade of<br \/>\nturbulence and contraction.<\/p>\n<p><span><\/span><\/p>\n<p>Critics link the empowerment push to Mugabe&#8217;s plans to hold<br \/>\nelections this year.\t<\/p>\n<p> (Reporting by Nelson Banya; Editing by Ed Cropley)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Adds quotes, detail) HARARE Feb 26 (Reuters) &#8211; Impala Platinum&#8217;s Zimbabwe unit, Zimplats, has been ordered to transfer 29.5 percent of its shares to a state-run fund in order to comply with local empowerment laws, according to a letter written by a government minister. Zimplats, 87 percent owned by Implats, had failed to comply fully [&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-8358","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\/8358","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=8358"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8358\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}