Johannesburg — DESPITE expert warnings about Zimbabwe's indigenisation policy, Anglo Platinum (Angloplat) says it will go ahead with its scheduled commissioning of the R3,4bn Unki Mine development in the third quarter of this year.
Under the Zimbabwean indigenisation law, which took effect last Monday, foreign companies valued at more than R3,75m must divest 51% of their shares to black locals within five years.
Foreign companies had 45 days to report their efforts at complying with the rule.
Angloplat spokeswoman Mary-Jane Morifi told NewZimbabwe.com that the group's experiences in SA had left it well- placed to recognise the importance of black economic empowerment.
" Anglo Platinum recognises the need for black economic empowerment and sustainable economic transformation. The company is proud of the contribution it has made to empowerment in SA through numerous transactions it facilitated and is confident it will be in a strong position to meet the eventual requirements to be established in Zimbabwe," she said.
Angloplat said it had already invested about 300m in the mine located in the Midlands town of Shurugwi towards the southern tip of Zimbabwe's mineral-rich Great Dyke geological feature.
"The project is progressing towards the commissioning of the concentrator in the fourth quarter of this year. The development of the underground declines is 64% complete and the supporting infrastructure is 80% complete," Morifi said.
"At a steady state, the projected output is 65 000 platinum ounces per annum and commissioning is expected in the third quarter of this year," Morifi said.
Unki is set to become the country's second-biggest platinum mine after the Selous-based Zimplats. Management said 1000 direct jobs would be created with up to 10 000 more people expected to benefit in downstream and related activities in what should be a boon for the Midlands economy.
Unki becomes the Midlands province's second platinum mine after the Zvishavane-based Mimosa mine, which is jointly owned by South African companies Impala Platinum and Aquarius Platinum.
Experts have warned that Zimbabwe's fragile economic recovery could be undermined by a new local ownership law that could frighten off desperately needed foreign investment.
The biggest targets include local subsidiaries of British banks Barclays and Standard Chartered, as well as mining companies such as Impala Platinum, Angloplat s and Rio Tinto.
"For foreign investors, this is a severe warning that this is not the country you can invest in at the moment," said Tony Hawkins, professor at the University of Zimbabwe's school of business.
With Sapa-AFP
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Angloplat is really showing the way that indigensation can work!! They have already shown this in Rustenback South Africa. They pay royalty to the Mokeng King!!! I have been there and I know the story.
Rather than view this in a very negative thing Angloplat is showing the way that they can partner with African gov't in a meaningful way. Rather than more words, they are actually putting their words in practice.
Robert Mugabe is still into political slogans that do not mean much. But, Angloplat knows how to deal with Bob..Smart negotiation is what at times is needed. Not the usual arrogant white Rhodesian torn, nor the British imperialist and white supremacy belief system.. Angloplat has actually showed the Zimbabwan gov't their own money and asked them to do the same. Since the Zimbabwean gov't failed, they were given token shares and angloplat built some roads in the area. If that is all there is to indigenisation..then I too am for it!!!