Charlotte Mathews
3 July 2008
Johannesburg — AFRICAN Rainbow Minerals (ARM) has taken a contrary view on Zimbabwe, at a time when Anglo American has also come under fire for its presence in the embattled country.
ARM, the black empowerment group headed by mining entrepreneur Patrice Motsepe, applied in March for mineral rights over platinum group metals deposits in Zimbabwe's Great Dyke, head of investor relations Monique Swartz confirmed yesterday.
Zimbabwe's Financial Gazette reported ARM would have filed its applications three months after Motsepe was rumoured to have met President Robert Mugabe.
Asked why ARM had applied for the rights at this time, Swartz said "as part of ARM's strategy to grow into Africa, initiated in 2005, we have been pursuing opportunities in various southern African countries for a few years".
ARM, created in May 2004, has ferrous metals, platinum, coal, base metals and gold interests. In its prior financial year the biggest contribution to attributable earnings before interest and tax came from its platinum operations, which include a 50% stake in Modikwa Platinum Mine, 55% of Two Rivers Platinum Mine, 50% of the Nkomati nickel mine and 90% of the Kalplats exploration project.
Last week Anglo American was under fire in various UK papers for proceeding with its $400m Unki platinum project in Zimbabwe. The Times said the foreign office was looking into whether Anglo had defied sanctions.
Anglo said it had not broken any laws and would not drop the project, as the Zimbabwean government had confirmed it would just take it over.
Another UK-listed company criticised from various quarters -- including The Telegraph and industry websites -- for its involvement in Zimbabwe is Central African Mining & Exploration (Camec). Camec made a $100m loan to the Zimbabwean government in April, as part of a deal in which it got two claims on the Unki property Anglo was pressed into handing over under Zimbabwe's indigenisation policy.
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