Zimplats Holdings Ltd. agreed to release 23,903 hectares of land to the Zimbabwean government to settle an ongoing dispute that arose in 2013 after the government announced its intention to seize 27,948 hectares of land within the miner's special mining lease area.
The Impala Platinum Holdings Ltd. unit now holds two separate and noncontiguous pieces of land in Zimbabwe measuring 6,605 hectares and 18,027 hectares, it said June 6.
In exchange, Zimplats' operating subsidiary, Zimbabwe Platinum Mines Pvt. Ltd., was granted two separate mining leases on the two areas, which are effective from May 31 and will remain valid for life.
The mining leases will replace the special mining lease due for renewal in August 2019.
