The management of Zimbabwe Platinum Mines (Zimplats) has begun discussions with Nkululeko Rusununguko Mining Company of Zimbabwe (NRMCZ) on its purchase of a 15 per cent stake in the company.

The news is being seen as an indication that NRMCZ is set to take up the stake in the firm, after Zimplats told the Australian Stock Exchange (ASX) it had started talks with the empowerment consortium.

"Zimplats has been notified that NRMCZ has been nominated by the Government of Zimbabwe as the proposed empowerment partner to take up the 15 per cent shareholding in Zimplats in terms of the agreement with Government signed in December 2000."

"Following this notification, Zimplats management has commenced discussions with NRMCZ, and shareholders will be informed of any developments," Zimplats chief executive Mr Gregory Sebborn revealed.

Reports in the Herald newspaper suggest that debate has now moved onto how the deal would be financed.One of the key topics being finalised is said to be how the US$31 million payment for the shares would be settled.

Last month NRMCZ said it wanted pay for the stake in both local and foreign currency, with the group keen to bolster its stake in the future.

A source told the newspaper that it wanted "meaningful participation in the mining sector rather than being mere shareholders".

NRMCZ, an economic empowerment company, started bidding for the Zimplats stake in 2002.