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24 Feb 2012 07:00
AQUARIUS PLATINUM LIMITEDASX, LSE & JSE 24 February 2012 Update on Zimbabwean Indigenisation Process
Aquarius Platinum Limited ("Aquarius") advises that the Indigenisation Implementation Plan submitted to the Government of Zimbabwe in November 2011 by Mimosa Holdings (Private) Limited ("Mimosa"), an indirect 50% subsidiary of Aquarius, has been rejected.
In a letter dated 22 February 2012, Mimosa was advised by the Zimbabwean Minister of Youth Development, Indigenisation and Empowerment ("the Minister") that unless an agreement is reached with the Zimbabwean National Indigenisation and Economic Empowerment Fund (NIEEF) in respect of full compliance with the Zimbabwean Indigenisation and Empowerment legislation within 30 days from receipt of this letter, enforcement mechanisms will be activated.
Aquarius is concerned to note the statement by the Minister and advises shareholders 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.
For further information please contact:
In the United KingdomGavin Mackay+44 7909 547 042In Australia: In South Africa: Willi Boehm Stuart Murray +61 8 9367 5211 +27 (0) 11 656 1140
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