Aquarius Platinum will submit a revised indigenisation plan by the end of this month to comply with the demands of the Zimbabwean government, which wants all foreign companies to sell a majority 51 per cent equity stake to local black investors.

In August, Aquarius was advised by the Zimbabwe minister of youth development, indigenisation and empowerment that the proposed plan for indigenisation submitted by its Zimbabwean subsidiary Mimosa Holdings had been rejected.

"Mimosa's senior management remain in discussions with all of the various relevant Zimbabwean authorities in order to ensure that a satisfactory position is arrived at within the timeframes required by the relevant legislation," the miner said in its annual accounts statement released today (September 29th).

Aquarius jointly owns the Mimosa operation with Impala Platinum, which was recently threatened with the revocation of its mining licence for not complying with the indigenisation plans.

It has since said this is now unlikely after it agreed to submit a revised proposal by November.

Aquarius also reported a 15 per cent, or 85,236 oz, increase in platinum group metals production for the year to the end of June 2011.

Source:

Aquarius Platinum To Submit New Zimbabwe Indigenization Plan This Month (29/09/11)

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