10th Feb 2010 12:44
AQUARIUS PLATINUM LIMITEDASX, LSE & JSE10 February 2010Zimbabwe Update
In respect of the recent media coverage on Zimbabwe's Indigenisation and Economic Empowerment regulations - Statutory Instrument 21 of 2010, Aquarius Platinum Limited confirms the gazetting of these regulations pursuant to section 21 of the Indigisation and Empowerment Act of 2008, in terms of which foreign companies are required to localise or indigenise "51% of their shares or interests therein" within 5 years in all business sectors.
The regulations provide for the gazetting within twelve months of further rules "with respect to each sector and subsector of the economy what lesser share than the minimum indigenisation and empowerment quota shall be the minimum lesser share that indigenous Zimbabweans may hold in a business operating in the sector or subsector in question."
The regulations further provide "what weighting (expressed as a fixed percentage that may be added towards the fulfillment of the minimum indigenisation empowerment quota) to assign to anyone or more" of the "socially and economically desirable objectives in favour of a business operating in a specified sector or subsector of the economy."
The Chamber of Mines of Zimbabwe on behalf of the mining sector currently is in closed discussions with relevant authorities with respect to finalising the indigenisation and empowerment quota for the mining industry.
Aquarius is studying the regulations and its formal response to compliance will be guided by advice from its subsidiary, Mimosa Mining Company (Pvt) Limited. Mimosa is a member of the Chamber of Mines of Zimbabwe.
As further information becomes available shareholders will be kept informed.
For further information please contact:
Aquarius Platinum In Australia: Willi Boehm +61(0) 8 9367 5211
In the United Kingdom and South Africa Gavin Mackay [email protected]
+ 44 7909 547 042 REGISTERED OFFICE
Aquarius Platinum Limited - Clarendon House - 2 Church Street - Hamilton HMCX Bermuda
Email: [email protected]
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