Zimbabwe’s black empowerment minister says he will proceed with a takeover of the country’s biggest platinum mine if the South African owners don’t comply with orders to hand over more stakes in the company.
Minister Saviour Kasukuwere said Wednesday there is “no compromise” over the eventual handover of 51% of the company stock to blacks.
Last year, Zimplats became the first foreign-owned company to cede 10% of its holdings to a local community trust.
Zimbabwe has ordered the company to hand over another 30% by mid-March. South Africa-based Implats owns 87% of existing shares in Zimplats.
Zimbabwe and South Africa are the world’s largest suppliers of platinum, a corrosion-resistant metal with a wide range of industrial uses that is priced higher than gold.