(BusinessDay SouthAfrica) – The Zimbabwean government and Impala Platinum (Implats ) said yesterday that they had agreed to a transfer of a 51% stake in the Zimplats subsidiary of the world’s second-biggest platinum group, but the details — particularly around valuations and funding — had yet to be finalised.

The Zimbabwean government is enacting laws to compel foreign-owned mining companies with operations in the country to transfer 51% ownership to locals.

Implats is the South African mining company most exposed to Zimbabwe, through its 87% stake in Australia-listed Zimplats, and about 40% of its resources are in that country. It has committed hundreds of millions of rand to growing production to 270000 ounces of platinum.

Implats CEO David Brown has said that, as the operator of the mines and plants and raiser and guarantor of debt, the company is running all the risk, and it does not believe that a 49% stake is adequate recompense.

In a statement remarkably lacking in clarity or details of what transpired at a meeting in Harare yesterday between Youth Development and Indigenisation and Empowerment Minister Saviour Kasukuwere and a senior delegation of Implats and Zimplats executives, Implats said it had submitted a new indigenisation plan to meet the 51% indigenisation requirements and this was found to be “acceptable in principle to the government of Zimbabwe”. Click here to read more