UPDATE:Impala Given Deadline Over Zimbabwe Indigenization Plan

Zimbabwe has given Impala Platinum Holdings Ltd. (IMP.JO) until Nov. 15 to submit an acceptable plan for its local unit to comply with the southern African nation's indigenization law.

The law requires multinationals to sell a 51% stake in local assets to designated black-owned entities.

Impala Platinum owns 87% of Zimplats Holdings Ltd. (ZIM.AU), Zimbabwe's largest platinum miner.

The country's minister of youth development, indigenization and empowerment, Saviour Kasukuwere and Zimplats Chief Executive David Brown said at a joint news conference that they had reached a compromise over the firm's plan.

"A comprehensive revised plan shall be submitted to the Minister of Youth Development, Indigenization and Empowerment by November 15, 2011 and implementation shall commence immediately thereafter," read a joint statement issued at the news conference.

This followed a meeting between Zimplats and Zimbabwe government officials on Monday, Sept. 12.

In March, the Zimbabwean government said firms had until Sept. 25 to present their plans to meet the law that was originally enacted in 2008 but is only now being more forcefully implemented.

The indigenization minister on Sept. 6 wrote to Zimplats saying the company had failed to meet indigenization requirements and that he had asked the minister of mines and mining development to cancel the company's operating license.

Kasukuwere has been threatening mining houses and other multi-nationals in the country such as Barclays PLC (BCS) and Standard Chartered PLC (SNTDF) along with British American Tobacco PLC (BTI) and Swiss food giant Nestle SA (NESN.VX) with the loss of operating rights if companies don't comply.

Rio Tinto PLC (RIO.LN) said earlier this month that the minister had approved part of its indigenization plan submitted to the government in May for its Murowa diamond project.

"The company continues to constructively engage with government on other elements with a view to finalizing its full indigenization plan," a spokesman told Dow Jones Newswires earlier this month.

Anglo American Platinum Ltd. (AMS.JO) said it tooo continues to "engage" with the Zimbabwean government on its plans.

In addition, a spokeswoman for Nestle Zimbabwe said the food maker had responded to an Aug. 18 letter sent to all major multinationals operating in Zimbabwe demanding companies resubmit plans.

"We remain in continuous consultations with concerned authorities on the subject," the Nestle spokeswoman told Dow Jones Newswires.

-By Farai Mutsaka and Devon Maylie, contributing to Dow Jones Newswires; +263 913 245 860; fmutsaka@yahoo.com

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