Impala Platinum, Zimbabwe’s biggest platinum miner, does not believe the Zimbabwean government’s plan to force them to list their majority of their shares on the Zimbabwe Stock Exchange is feasible, Bloomberg reported on Friday.
Impala, which is already listed on the Austrian Securities Exchange, argues that listing on the ZSE would “impede operators’ ability to grow and invest in their assets”.
In addition, the bill will direct companies to use at least 85% of the funds raised from a Zimbabwean listing to develop their local rights.
However, Impala has reservations on the government’s listing plan.
“A local primary listing would only be feasible with the requisite in-country capacity to raise the required capital and sustain daily trading volumes in the equity,” a spokesman for Johannesburg-based Impala, Bloomberg quoted an official from the Johannesburg based company, Johan Theron.
He said he believed more believe much work still needed to be done before the economy could structurally support this.
Platinum and diamonds are Zimbabwe’s prized minerals.