Anglo Platinum will comply with proposed regulations to enforce foreign owned companies to transfer shares to the government, it has been announced.

President Robert Mugabe's government recently published a draft bill for the proposed regulations under which foreign companies would be forced to transfer 25 per cent of their shares.

This has prompted concerns from shareholders that the company's mines would become less viable and that it may be forced to pull out of the country.

However, Simon Tebele, head of corporate communication at Anglo Platinum, told Mining Weekly that the firm would abide by the law and would continue its operations in Zimbabwe.

Furthermore, the rising price of platinum will ensure that mines such as the Unki operation remain viable, Mr Tebele added.

The new draft bill followed an earlier version first mooted in September which would force companies to give 51 per cent of their stakes to indigenous black Zimbabweans.

Source:

Anglo Platinum’s Unki project on target to meet deadlines, 14/12/07
http://www.miningweekly.co.za/article.php?a_id=122994

Anglo Plat forges ahead on Zim project, 21/06/06
http://www.miningmx.com/platinum/573459.htm

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