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Impala Platinum to sell 51% stake in Zim


Impala Platinum, the world's number two platinum producer, has concluded a deal to sell a 51% stake in its Zimbabwean unit Zimplats under a government-imposed scheme to empower local blacks.

The mining house said that the purchase price for the shares is 971 million US dollars.

The deal, to be signed later on Friday, is in compliance with a controversial indigenisation law which President Robert Mugabe signed in 2010 to force foreign-owned companies to cede 51% ownership to black Zimbabwean investors.

He has threatened to take over firms which do not comply.