JOHANNESBURG, South Africa, Oct. 7, 2004 (PRIMEZONE) -- Impala Platinum Holdings Limited (Implats) (Pink Sheets:IMPUY) (Other OTC:IMPAF) (JSE:IMP) (LSE:IPLA) (ADRS:IMPUY) confirms that the group is in receipt of the draft proposed regulations relating to the indigenization of the Zimbabwean platinum industry.
The proposals are as follows: 20% indigenous ownership within two years; a further 5% within seven years; and a total of 30% within 10 years.
Implats Director Les Paton welcomed the further clarity that is provided by the proposal which forms part of a review of the Mines and Minerals Act within Zimbabwe, and indicates that there is still some way to go before these proposals are finalised and brought into law.
"The Zimbabwean Ministry of Mines has indicated its intention to workshop the proposed regulations with the industry through the Zimbabwean Chamber of Mines and other stakeholders, similar to the process that was adopted in South Africa.
"As it stands the proposals are not far out of line with the South African situation, which requires a 26% Black Economic Empowerment (BEE) ownership within a 10-year time frame. We are confident that a solution can be found in the best interests of Zimbabwe and the companies invested there and that will still attract the significant investment that is required to develop the mining industry, and in particular the PGMS sector on the Great Dyke."