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Zimbabwe moves for compulsory acquisition of Zimplats leases

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Zimbabwe moves for compulsory acquisition of Zimplats leases

The government of Zimbabwe is seeking for a compulsoryacquisition of 28,000 hectares held by ImpalaPlatinum Holdings Ltd. unit Zimplats Holdings Ltd., Bloomberg News reported July 14,citing an affidavit of Mines Minister Walter Chidakwa.

The government argued that the land seizure "isnecessary for economic growth" of the country as the land area exceeds theunit's requirements.

Zimplats is against the forced acquisition and has deniedthat the land is surplus to requirements, an Impala spokesman told Bloomberg.Zimplats leased the land in 2009 to increase annual production to about 1million ounces of platinum and invest US$6.7 billion in 20 years. However, itonly produced 190,000 ounces of platinum in 2015.

According to the minister, the state plans to use the landto develop a 600-MW power plant, looking to generate some US$3 billion perannum for the country.