Harare — ANGLO Platinum, the world's largest platinum producer says it will go ahead with its planned commissioning of the R3,4 billion Unki Mine later this year despite reservations among some investors over Zimbabwe's indigenisation policies.

Angloplat spokesperson Ms Mary-Jane Morifi told the media that the group's experiences in South Africa 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," she said.

"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."

Angloplat is the first foreign company to throw its weight behind the indigenisation policy, which has already received sufficient backing from local indigenisation lobby groups.

Angloplat's majority shareholder, Anglo America plc has been criticised for its investments in Zimbabwe. But the resource group has defended its investments saying it was consistent with Zimbabwean and international laws.

The indigenisation regulations require companies to -- within the next three months -- explain how they intend to fulfil the requirements of the law of empowerment and to have 51 percent ownership by blacks in the next five years.

The commissioning of Unki Mine, which is located a few kilometres south-east of Shurugwi in the Midlands, is expected during the fourth quarter of this year. Angloplat has already invested about US$300 million in the venture.

"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 percent complete and the supporting infrastructure is 80 percent complete," said Ms Morifi.

Anglo-America, which has been in the country for more than 50 years started drilling in the area way back in the 1970s and launched pre-feasibility study for the Unki platinum resource in the mid 90s and identified the large body of ore in 2003.

The initial projected output is 65 000 platinum ounces per annum.

Meanwhile, ArcelorMittal, the world's largest steel marker has expressed some reservations over the same indigenisation policies.

ArcelorMittal and India's Jindal Steel & Power are two of the companies that were shortlisted to acquire a majority stake in Zimbabwe Iron and Steel Company and it has indicated it would invest R4 billion in the troubled local steel company.

ArcelorMittal SA's chief executive Ms Nonkululeko Nyembezi Heita was recently quoted saying Zimbabwe's empowerment policies were of "great concern to any investor".

"I don't believe there is any investor who would be interested in going into Zimbabwe if there is a chance of losing a stake in their business," said Ms Heita.

Youth Development, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere has however said that the regulations were meant to ensure sustainable development of the economy and fight poverty among the majority of the people. He stated that the regulations would not be reversed saying that his ministry was open to any suggestions that strengthened the empowerment agenda.

Minister Kasukuwere said that the country was not against foreign investment, but priority should be given to local people whom they could enter into partnerships.

Meanwhile, Junior Chamber International has pledged to support Government's economic empowerment policy and the entrepreneurial development of local youths.

JCI president Roland Kwemain made the pledge last week after meeting President Mugabe and Minister Kasukuwere.

"We are going to support JCI Zimbabwe. Our mission and vision are to empower and develop opportunities for young people in order to create positive change in their communities through social and entrepreneurial capacity building programmes necessary to create a tomorrow for Zimbabwe, which is conceived and prepared by young people," said Mr Kwemain.

JCI is an international business lobby group focussing on mainly youth entrepreneurs and has representation in more than 123 countries across the world.

The JCI president, who is from Cameroon, said young people were the future of tomorrow and had a big role to play in the economies of their countries having played important roles in solving economic crises of the last century and the 2009 one.

The JCI president said he would use the many platforms available to the organisation to prove to the world that Zimbabwe was a much better and different nation to the one usually portrayed by hostile local and foreign media.

He said the country was more advanced than most African countries and did not have only poor people who are always begging, but was a rich country with young people determined to ensure sustainable economic and political prosperity.