{{ANGLO American Platinum says it will give 10-year loans to indigenous Zimbabweans to buy a 51% stake in its local unit, Unki Platinum Mine.}}<\/p>\n
The world\u2019s largest platinum miner agreed on Thursday to transfer the majority shareholding in Unki in line with the country\u2019s indigenisation laws.<\/p>\n
The value of the 51% stake was put at US$302 million, the National Indigenisation and Economic Empowerment Board said in a statement.<\/p>\n
But the transaction was concluded at a discount of 53% on the value of the company in recognition of the sovereign ownership of resource owned by Zimbabweans.<\/p>\n
As such, the discount translates to US$160 million.<\/p>\n
\u201cThe current shareholders of Unki Mine are going to provide funding to the indigenous partners for the acquisition of the 51% shares,\u201d said NIEEB.<\/p>\n
\u201cThe Ministry (of Youth Development, Indigenisation and Empowerment) and NIEEB would like to thank the shareholders of Unki Mine for their commitment and effort to achieve indigenisation compliance.\u201d<\/p>\n
In terms of the agreement, it is expected that the indigenous parties would be required to use their shares as security for the payment of this debt.<\/p>\n
Under the transaction, Tongogara Community Trust, employees and strategic investors would get 10 % each while the State fund would acquire 21%.<\/p>\n
Several mining firms, including another platinum mining company, Zimbabwe Platinum Holdings, have agreed terms with the Government on complying with the 51% indigenisation requirement.<\/p>\n
Last month, Blanket gold Mine, owned by Canadian firm \u2014 Caledonia Mining Corporation \u2014 became the first mining company to complete the full transfer of a 51% stake to several indigenous parties.<\/p>\n
Several companies across the range of sector have already agreed with the Government to transfer a 51% equity stake to locals as required by the indigenisation law.<\/p>\n","protected":false},"excerpt":{"rendered":"
{{ANGLO American Platinum says it will give 10-year loans to indigenous Zimbabweans to buy a 51% stake in its local unit, Unki Platinum Mine.}} The world\u2019s largest platinum miner agreed on Thursday to transfer the majority shareholding in Unki in line with the country\u2019s indigenisation laws. The value of the 51% stake was put at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[100],"byline":[170],"hashtag":[],"class_list":["post-3884","post","type-post","status-publish","format-standard","hentry","category-business","tag-africa","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/3884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=3884"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/3884\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=3884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=3884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=3884"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=3884"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=3884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}