Zimbabwe Platinum Mines has agreed to sell a 15 per cent stake in the company to Zimbabwean investors - including the government - to comply with the terms of its mining license.

In an announcement yesterday, the company, of which 82.5 per cent is owned by Impala Platinum Holdings, said 13.9 million new shares would be sold at A$3.47 each, an 8.2 per cent discount to its closing price in Sydney.

'The government of Zimbabwe has confirmed that the empowerment transaction has its full support', affirmed the e-mailed statement.

'The discounted issue price was considered necessary to enable the placement to proceed', an indication of the difficulties inherent in compliance with government empowerment policies.

The investors include Needgate Mining, the Zimbabwean government's Mineral Development Corporation and a trust for people who live near to Zimplats mines. The other investors will pay for the government's stake, according to Bert Chanetsa of Decathlon Continental, the company that arranged the investors' finance.