AQP
AQP
AQP - Aquarius Platinum Limited - Zimbabwe Update
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
ZIMBABWE UPDATE
In respect of the recent media coverage on Zimbabwe`s Indigenisation and
Economic Empowerment regulations - Statutory Instrument 21 of 2010, Aquarius
Platinum Limited confirms the gazetting of these regulations pursuant to
section 21 of the Indigisation and Empowerment Act of 2008, in terms of which
foreign companies are required to localise or indigenise "51% of their shares
or interests therein" within 5 years in all business sectors.
The regulations provide for the gazetting within twelve months of further
rules "with respect to each sector and subsector of the economy what lesser
share than the minimum indigenisation and empowerment quota shall be the
minimum lesser share that indigenous Zimbabweans may hold in a business
operating in the sector or subsector in question."
The regulations further provide "what weighting (expressed as a fixed
percentage that may be added towards the fulfillment of the minimum
indigenisation empowerment quota) to assign to anyone or more" of the
"socially and economically desirable objectives in favour of a business
operating in a specified sector or subsector of the economy."
The Chamber of Mines of Zimbabwe on behalf of the mining sector currently is
in closed discussions with relevant authorities with respect to finalising the
indigenisation and empowerment quota for the mining industry.
Aquarius is studying the regulations and its formal response to compliance
will be guided by advice from its subsidiary, Mimosa Mining Company (Pvt)
Limited. Mimosa is a member of the Chamber of Mines of Zimbabwe.
As further information becomes available shareholders will be kept informed.
For further information please contact:
Aquarius Platinum
In Australia:
Willi Boehm
+61(0) 8 9367 5211
In the United Kingdom and South Africa
Gavin Mackay
gavin.mackay@aquariusplatinum.com
+ 44 7909 547 042
10 February 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Limited)
Date: 10/02/2010 15:22:07 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
