Youth Development, Indigenisation and Empowerment minister Savior Kasukuwere yesterday said he had approved giant platinum miner Mimosa’s localisation plan.
“They have submitted a compliant 51% plan,” he told journalists on the sidelines of the Euromoney Conference in Harare.
“It has since been submitted to the ministry which has been accepted.”
Kasukuwere said under the plan, 10% of the company’s shareholding would be handed over to the community, another 10 % will go to employees, 6% to the public service and the balance to the National Indigenisation Economic and Empowerment Board.
Mimosa is jointly owned by Aquarius and Impala Platinum Mines of South Africa.
The minister said the government was seeking a “win-win” situation with Zimplats, another platinum miner.
“We agreed in principle, but there must be an evaluation of assets and resources,” Kasukuwere said.
“At the end of the day we want a win-win situation.
“We are on track and on course on the realisation of the law. We need a fair share of what is due to us. Discussions are on-going at the moment.”
Last week, the government announced that it had reached an agreement with Zimplats for the company to comply with the indigenisation laws.
Kasukuwere attacked critics of the indigenisation law saying they were misleading investors.
“We have a law passed by Parliament, why should you tell investors that there is no law,” he said.
“People want to behave as if there was no law in this country.
“Serious investors yesterday (on Wednesday) said there is law and we are happy with it and half of them have complied.”
Prime Minister Morgan Tsvangirai and Finance Minister Tendai Biti have of late been critical of the indigenisation law saying it has caused uncertainty among foreign investors.