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Zimbabwe’s Mimosa Mine Transfers 10% Stake to Community

Dec. 12 (Bloomberg) -- Mimosa Mining, a Zimbabwean joint venture between Aquarius Platinum Ltd. and Impala Platinum Holdings Ltd., transferred a 10 percent stake to the community, said Saviour Kasukuwere, the empowerment minister.

The agreement is the first phase of the company’s efforts to meet Zimbabwe’s ownership law, Kasukuwere told reporters today in Harare, the capital.

Talks with Zimplats Holdings Ltd., a unit of Impala, are continuing and “making very good progress,” while Stanbic, Standard Bank Group Ltd. of South Africa’s Zimbabwean unit, submitted a comprehensive plan that is being considered, he said.

The southern African nation’s government wants proposals from foreign companies on how they will meet a law to sell 51 percent of local assets to black citizens. The law is focused on mining and financial-services companies in a country with the world’s second-biggest reserves of platinum and chrome.

Barclays Plc and Standard Chartered Plc offered stakes of a “paltry 10 percent,” Kasukuwere said. “We are still talking with them,” he said.

To contact the reporter on this story: Godfrey Marawanyika in Johannesburg at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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