The sale of a strategic 15 per cent stake in Zimbabwe Platinum Mines Limited (Zimplats) has been mired in controversy following the revelation that one consortium would be granted permission to exclusively negotiate the acquisition.

According to reports from The Financial Gazette the Mines Ministry's Edward Chindori-Chininga decided that Nidgate Investments Limited would be given three months to negotiate on its own.

Analysts say the minister's directive means Zimplats is effectively barred from negotiating with any other prospective bidder until the three months elapse.

The directive has caused consternation among other prospective consortiums bidding for the US$25 million worth of shares, which have been on the table since mid-2001.

'If this was an all-inclusive deal, why is the government suddenly excluding others? It would have been fair for Zimplats to conduct the sale through an auction,' a member of one competing consortium told The Financial Gazette.

A spokesperson for the Mines Ministry said the 90-day negotiating period was simply a business deal that had been established with Zimplats' consent.

'Our position as the ministry was basically that Nidgate can go ahead with the negotiations as long as ZMDC (Zimbabwe Mining Development Corporation) and other broad-based indigenous shareholders are included,' he explained.

The other consortiums have made clear they prefer a process which gives each bidder an equal opportunity.