{"id":8880,"date":"2012-03-14T03:08:15","date_gmt":"2012-03-14T01:08:15","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-2-zimbabwe-implats-agree-on-51-pct-stake-transfer\/"},"modified":"2012-03-14T03:08:15","modified_gmt":"2012-03-14T01:08:15","slug":"update-2-zimbabwe-implats-agree-on-51-pct-stake-transfer","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-zimbabwe-implats-agree-on-51-pct-stake-transfer\/","title":{"rendered":"UPDATE 2-Zimbabwe, Implats agree on 51 pct stake transfer"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Platinum miner accepts majority local stake requirement<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Remains unclear if and how government will pay<\/p>\n<p><span><\/span><\/p>\n<p>* Other companies likely to face similar demands<\/p>\n<p><span><\/span><\/p>\n<p>By Nelson Banya and Ed Stoddard<\/p>\n<p><span><\/span><\/p>\n<p>HARARE\/JOHANNESBURG March 13 (Reuters) &#8211; Impala<br \/>\nPlatinum, the world&#8217;s second-biggest platinum producer,<br \/>\nhas bowed to Zimbabwe&#8217;s pressure to surrender a 51 percent stake<br \/>\nin its Zimplats unit to local black investors, the<br \/>\ncompany announced on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>The cave-in followed months of wrangling over the ownership<br \/>\nrequirement, which has further jolted investor<br \/>\nconfidence in the southern African state. The demand that<br \/>\nforeign-owned companies, particularly miners, transfer a 51<br \/>\npercent stake in local operations to black investors was widely<br \/>\nseen as a populist tactic by President Robert Mugabe&#8217;s ZANU-PF<br \/>\nparty in the run-up to elections expected later this year.<\/p>\n<p><span><\/span><\/p>\n<p>In a dramatic turnaround on Tuesday, Implats&#8217; chief<br \/>\nexecutive David Brown, who last year insisted that &#8220;51 percent<br \/>\nequity just does not work,&#8221; told a news conference in Harare his<br \/>\ncompany had accepted the requirement.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Essentially we have found each other and that<br \/>\naugurs well for the mining industry in Zimbabwe,&#8221; Brown said.<\/p>\n<p><span><\/span><\/p>\n<p>It remained unclear how the cash-strapped Zimbabwean<br \/>\ngovernment would pay for the stake, worth hundreds of millions<br \/>\nof dollars.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Platinum miner accepts majority local stake requirement * Remains unclear if and how government will pay * Other companies likely to face similar demands By Nelson Banya and Ed Stoddard HARARE\/JOHANNESBURG March 13 (Reuters) &#8211; Impala Platinum, the world&#8217;s second-biggest platinum producer, has bowed to Zimbabwe&#8217;s pressure to surrender a 51 percent stake in [&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-8880","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\/8880","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=8880"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8880\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}