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Tsvangirai slams Zimplats saga

Zimbabwean Prime Minister Morgan Tsvangirai has slammed the battle for the nationalisation of his...

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Zimbabwean Prime Minister Morgan Tsvangirai has slammed the battle for the nationalisation of his country's mines.

Impala Platinum's Zimbabwe unit (Zimplats) and the government are in a battle over the transfer of shares to the African state.

In February, government warned Zimplats to transfer 29.5 percent of its shares within 14 days, or face enforcement mechanisms.

Zimplats failed to comply with the law, which seeks to localise at least 51 percent of shares in all foreign-owned firms, Economic Empowerment Minister Saviour Kasukuwere wrote in a letter on Sunday.

In 2011, Zimplats became the first foreign-owned company give 10 percent of its holdings to a local community trust.

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