Company Data
| Last traded |
R29,843.00 |
| Change |
R203.81 |
| % Change |
0.69% |
| Cumulative volume |
105.77m |
| Market cap |
R0.00 |
| Last traded |
R175.80 |
| Change |
R7.79 |
| % Change |
4.64% |
| Cumulative volume |
1.33m |
| Market cap |
R111.06bn |
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Top Stories
Jan 17 2012 17:55
The JSE All Share index closed at its highest level ever, boosted by platinum miners such as Impala and Anglo American.
Jan 17 2012 13:36
Gold output fell more than 4% and production of other minerals was down slightly more in November, says Statistics SA.
Jan 17 2012 12:54
The Johannesburg Stock Exchange has resumed equity trade, after network trouble forced it to halt trading for just under an hour.
Harare - Zimbabwe and Zimplats, the local unit of the
world's second-largest platinum producer Impala Platinum Holdings [JSE:IMP],
said on Tuesday they had agreed to produce a revised plan for a law requiring
mining firms to turn over a 51% stake to local blacks.
Zimbabwe rejected Zimplats' initial share transfer plan. As
a result, the empowerment minister asked the mining ministry to cancel the
unit's operating licence, Zimplats said last week.
"The parties met on September 12 and agreed on a
process that will result in the production of a revised indigenisation
implementation plan for Zimplats in line with, and reflective of, the country's
indigenisation legislation," the company and Empowerment Minister Saviour
Kasukuwere said in a joint statement.
The revised plan will be submitted to the government by
November 15 and implemented immediately thereafter, the statement said.
"In the meantime, Zimplats and the ministry will
immediately proceed to implement a community share ownership trust," the
statement said.
Analysts see the Zimbabwe law as a way to squeeze more funds
out of companies trying to build operations in the country with the world's
second-biggest platinum reserves after South Africa.
There likely is not enough money in the impoverished state
to buy controlling stakes in foreign mining firms.
Zimbabwe has neither money nor expertise to run mines, where
production will almost certainly dwindle under forced local ownership.
Implats CEO David Brown said despite Zimbabwe's equity
policy, the company was keen to proceed with a planned $460m expansion project
there which would bring its total investment to close to $1bn - the single
largest investment in the politically troubled nation.
"We're still moving ahead with the phase 2 of the plan.
Obviously we will be consulting with the authorities on that," he told
Reuters on the sidelines of a news conference.
The expansion is meant to lift Zimplats' annual output of
refined platinum by 90 000 ounces to 270 000 oz. The Zimbabwe unit contributes
about 10% of Implats' output.
"Zimplats is a very important asset for us; we will do
all we can to support their activities," Kasukuwere told Reuters.
Implats shares were down 4.48% at R154.81 by 08:36 GMT,
compared with a 1.27% drop in the JSE Top 40 - (Tradeable) [JSE:J200] blue chip
index.