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Zimplats facing court application for Zimbabwe's planned land seizure

Zimplats Holdings Ltd. is facing a court application filed June 26 by the Zimbabwean government to enforce its planned seizure of 27,948 hectares of land within the miner's special mining lease area in the country, Zimplats said in its Aug. 1 quarterly earnings report.

Zimbabwean President Robert Mugabe filed an application for the confirmation of the government's compulsory acquisition of the idle mining land in July 2016, after the company objected to the land's seizure, with a view to reallocate it to other prospective miners.

The government issued Zimplats notices for the seizure in January and May, but the company said it remains in talks with the government to settle the matter.

Zimplats sold 152,938 ounces of platinum group metals in the quarter that ended June 30, from 143,647 ounces sold a year ago.