IMP - Impala Platinum Holdings Limited - Zimplats Indigenisation Update
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1957/001979/06)
JSE Share Code: IMP
LSE Share Code: IPLA
ADR Code: IMPUY
Zimplats Indigenisation Update
Further to the Government of Zimbabwe`s requirement to submit an Indigenisation
Implementation Plan ("IIP"), Zimbabwe Platinum Mines (Private) Limited
("Zimplats"), an indirect 87% subsidiary of Implats, submitted its revised plan
in November 2011.
In a letter dated 22 February 2012, Zimplats was advised by the Zimbabwean
Minister of Youth Development, Indigenisation and Empowerment ("the Minister")
that the portion of its IIP relating the empowerment credits for the Release of
Ground agreement entered into in 2006 has been rejected.
Implats is concerned to note the statement by the Minister that unless progress
is made within 14 days to transfer the required shareholding (in lieu of the
empowerment credits) to the National Indigenisation and Economic Empowerment
Fund ("NIEEF"), enforcement mechanisms will be activated. The Minister also
indicated that suitable compensation for the released ground would be
Shareholders are advised that negotiations with the Minister will be undertaken
in an attempt to reach a mutually acceptable solution. Shareholders will be
informed of further material developments as they occur.
24 February 2012
Deutsche Securities (SA) (Proprietary) Limited
Date: 24/02/2012 17:00:02 Produced by the JSE SENS Department.
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