Government and Implats are set to sign an agreement that would see the mining firm transfer 29,5 percent of its shares at a meeting set for Tuesday next week. In interview yesterday, Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere said Implats have confirmed the signing after their board meeting tomorrow.

Implats chief executive Mr David Brown also confirmed Tuesday’s meeting with board members of the National Indigenisation and Economic Empowerment Fund.

In acknowledging Minister Kasukuwere’s letter to Implats rejection of their request for an extension of the deadline, Mr Brown confirmed the March 13, 2012 deadline.

“We have a board meeting on Friday, 9 March and will therefore be able to revert by the deadline.

“For the record, we confirm Implats’ and its Zimbabwean subsidiaries’ commitment to finding an equitable and mutually acceptable resolution going forward,” he said.

Minister Kasukuwere said: “We have been very clear from Day One and our deadline in nigh.

“They are coming after their meeting on Friday and I am sure we should have an agreement at Tuesday’s meeting.”

Minister Kasukuwere said all companies should follow Zimbabwe’s laws.

“We have been clear that the laws of the land are going to be followed and we look forward to a fruitful meeting.”

He said Government, according to the law, set a series of measures that would be taken against companies that fail to comply with the indigenisation laws.

“The law provides that we withdraw licences of the companies that fail to comply while we could pursue charges of a criminal nature to directors who do not comply with the law.

“We however do not expect Implats to renege from their promise to comply with the law.”

Minister Kasukuwere last week gave Zimplats two weeks to transfer 29,5 percent to the empowerment fund for the mining firm to meet the balance of the 51 percent local shareholding.

Zimplats requested more time to comply with the directive, but the request was turned down.

In its indigenisation plan Zimplats had proposed to give 10 percent stake to local communities, 5 percent to a staff share trust, 6,5 percent to a sovereign wealth fund and wanted the balance for a 51 percent indigenous shareholding to be awarded as credits for platinum claims released to Government.

Foreign mining firms with a net asset value above US$1 are required to sell at least 51 percent to indigenous blacks as part of Government’s efforts to uplift previously disadvantaged locals.

Government and Zimplats have so far failed to agree on an indigenisation framework for the platinum mining giant, 87 percent owned by Implats of South Africa.

A recent meeting between Zimplats and Government also ended in a deadlock, as the company insisted on empowerment credits to comply with the laws.

Zimplats has insisted that Government recognise an agreement signed in 2006, entitling the firm to empowerment credits in exchange for a US$153 million block of reserves it had released.

Government dismissed the proposal, but indicated it was prepared to compensate Zimplats the fair value of the ground released. The claims release agreement was, however, signed when the Government had not finalised the Indigenisation Act, passed into law in 2008.

Minister Kasukuwere however, wrote to Zimplats making it clear that the Government would take action against them without further notice in the event the company failed to transfer the 29,5 percent stake to the National Indigenisation and Empowerment Fund within the two week deadline.