Impala Platinum (Implats) has concluded an agreement with the government of Zimbabwe which sees the platinum producer pledge to transfer 51 per cent ownership of its Zimbabwean unit to black local groups.

The agreement sees Implats – which is the world’s second biggest producer of the precious metal – support the Zimbabwean government’s black empowerment initiatives by handing over 51 percent of shares in Zimplats mines to Zimbabwean black groups.

“We are looking at this as the completion for the platinum and mining industry. There is compliance in the sector and this heralds a new era for the transfer of resources to our people,” Indigenisation Minister Saviour Kasukuwere commented on the deal, according to Business Day.

“We have concluded the (indigenisation of the) mining sector and the platinum sector,” Kasukuwere added.

The miner revealed the agreement on Thursday, although has declined to reveal any details as to the conditions of the deal until the paperwork is signed at the signing ceremony to be held today.

Reports suggest that Implats may have committed to stand behind the government’s empowerment policy as early as last year, and that a decision was made by the Board of Implats already last month as to the financing of the transfer of shares to black Zimbabweans.

There has been speculation that the push for black empowerment over recent months has been a strategic attempt by current President Mugabe to bolster support for his presidential campaign in the run up to the country’s elections which are set to take place this year.

Various other miners operating in Zimbabwe have already complied with the country’s indigenisation policy – including the Anglo Platinum-owned Unki mine, as well as Implats and Aquarius Platinum-run Mimosa.

Vice President Joyce Mujuru will be present at the signing ceremony today, while Empowerment Ministry officials and representatives of Implats and Zimplats will also be in attendance.