Zimbabwe to Take Impala Platinum Unit Land Even as Talks Proceed
By Godfrey Marawanyika – Apr 29, 2013 6:57 PM GMT+1000
Zimbabwe has no intention of stopping the acquisition of land from Zimplats
Ltd. even as the appeal by the country’s biggest platinum producer against
the plan is discussed, Mines Secretary Prince Mupazviriho said.
“It’s an issue that’s under discussion,” he said by phone today. “This is a
procedural issue, that’s why we gazetted the issue to say if anyone has
concerns or an objection it can be raised, but this doesn’t mean we will
stop the acquisition of the land.”
The southern African nation’s government on March 1 gave Zimplats 30 days to
appeal a decree that the country would seize 27,498 hectares (67,949 acres)
of the company’s land. In the April 26 edition of the gazette, published
today, the government said the nation “intends to acquire compulsorily” part
of the land held by Zimplats, which is 87 percent owned by Impala Platinum
Holdings Ltd. (IMP), the world’s biggest producer of the metal after Anglo
American Platinum Ltd. (AMS)
Zimplats is in talks with the government, Chief Executive Officer Alex
Mhembere said by e-mail today.
Zimbabwe, which has the world’s biggest platinum reserves after South
Africa, is preparing a law allowing it to seize controlling stakes in
companies without compensation, according to a draft of the legislation
obtained by Bloomberg News.
The law would be an amendment to a 2007 act that compels foreign and
white-owned companies such as Rio Tinto Group, Sinosteel Corp. and Impala to
sell or cede 51 percent of their shares to black nationals or state-approved
agencies.
Crackdown on Zimplats ‘electioneering tactic’ – Analysts
http://www.thezimbabwemail.com/
by Tawanda Karombo 9 hours 12 minutes ago
HARARE — Impala Platinum’s unit in Zimbabwe, Zimplats, may have to claim
compensation for the nearly 28,000ha of land the government intends to take
over should its appeal against this fail, a government gazette published on
Friday said.
Independent economist Moses Moyo said the crackdown on Zimplats, and other
international companies, was not surprising.
“We are in an election period and there is this tendency to advance populist
policies, however illogical or radical, against such companies.”
Legal experts in Zimbabwe said Zimplats had appealed against the decision,
saying that if the appeal was unsuccessful, the next move would be to claim
compensation for the land, as spelt out in the government gazette. “But the
government has to be challenged on this; there is clearly an issue with
these sudden policy shifts,” one of the experts said.
Officials at Zimplats said on Monday the company was in talks with the
government over the issue.
Zimbabwe has the world’s second-largest platinum reserves after South
Africa. Implats is the second-biggest platinum producer in the world, after
Anglo American Platinum, which owns the Unki platinum mine in Zimbabwe.
“In terms of section 5 of the Land Acquisition Act … any person having an
interest or right in the land who wishes … to claim compensation in terms of
part V for the acquisition of the land, should submit a claim in terms of
section 22 with the minister of mines and mining development,” reads a part
of the government gazette published on April 26, a copy of which was seen by
Business Day.
It describes the land — which is in Kadoma along the mineral-rich Great Dyke
region — as “owned by the state” and says that the acquisition will be for
the benefit of the public. The government has since invited interested
parties to come and inspect the map of the land at the mines ministry
offices.
Mines Minister Obert Mpofu previously said the platinum claims would be
given to new investors. “The president intends to acquire compulsorily part
of the land owned by Zimplats Holdings Limited under Special Mining Lease
Number 1.”
Zimplats CEO Alex Mhembere said on March 27 that Zimplats “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 1
March 2013 with regard to the president’s intention to acquire compulsorily
27,948 hectares of land” held by the company in Zimbabwe.
Miners have been hit with fresh volatility in Zimbabwe, with officials
saying reported amendments to the 2007 Indigenisation Act would be amended
to rule out compensation for foreign-owned mining companies. However,
Empowerment Minister Saviour Kasukuwere has said amendments were still
proposals, which are “work in progress”.
This latest development is in addition to existing demands by the government
that foreign firms cede 51% to black Zimbabwean groups. -BDLIVE