Zimbabwe’s beleaguered indigenisation policy has been dealt several big blows in the last few days. Alleged corruption, arguments over deal fees, calls for a parliamentary probe – and to top it all, even president Robert Mugabe criticising the process.
The controversial black empowerment policy, which forces foreign firms to divest 51 per cent of equity to locals, is one of Mugabe and his party, Zanu-PF’s key strategies. But is it falling apart? Read more
It’s been a roller coaster week for platinum prices, which climbed in the middle of the week before sliding back at the close. Supply disruption in Africa is a dominant factor, analysts say, something that is set to continue driving prices. Read more
Impala Platinum on Friday finally announced the long-awaited terms of its deal to sell a majority stake in its Zimbabwe operation to local black investors in response to president Robert Mugabe’s black ownership campaign.
In line with an outline accord agreed in March, Impala said in a statement that its 87-per-cent-owned Australian-listed Zimplats subsidiary will sell a 51 per cent stake in its mining business to local black investors for $971m, with Zimplats keeping the remaining 49 per cent. Zimplats will finance the deal, lending its new shareholders the money to buy the stock. Read more