Impala Platinum Holdings Ltd. (IMPUY: OTC Link) | MIMOSA INDIGENISATION UPDATE

MIMOSA INDIGENISATION UPDATE

Feb 24, 2012

OTC Disclosure News Service

Johannesburg, South Africa –

MIMOSA INDIGENISATION UPDATE

 

Further to the Government of Zimbabwe’s requirement to submit an Indigenisation Implementation Plan (“IIP”), Mimosa Holdings (Private) Limited (“Mimosa”), a 50% subsidiary of Implats, submitted its revised plan in November 2011.

In a letter dated 22 February 2012, Mimosa was advised by the Zimbabwean Minister of Youth Development, Indigenisation and Empowerment (“the Minister”) that a portion of its IIP has been rejected.

Implats is concerned to note the statement by the Minister that unless an agreement is reached with the National Indigenisation and Economic Empowerment Fund (“NIEEF”) to transfer the required shareholding to NIEEF within 30 days, enforcement mechanisms will be activated.

Shareholders are advised that negotiations with the Minister will be undertaken in an attempt to reach a mutually acceptable solution. Shareholders will be informed of further material developments as they occur.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/IMPUY/news?id=42892

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