Zimbabwe has lost an international arbitration case over cancelled nickel and platinum ventures between a private company and the State-owned Zimbabwe Mining Development Corporation more than a decade ago.
Bloomberg reports that the southern African country was asked to pay $70-million debt to Amaplat.
Amaplat had suggested that Zimbabwe make a $15-million payment into an account at the Reserve Bank of Zimbabwe, pay the euro equivalent of $30-million into an international bank account held by Amaplat and another $25-million in the form of mining assets in the country.
Companies linked to Amaplat made the proposal in a Sept. 15 letter to Zimbabwe’s Secretary for Finance and Economic Development, George Guvamatanga. The alternative is having the assets of the ZMDC seized after the 2019 ruling.
“There are discussions taking place between Amaplat, the Ministry of Mines and ZMDC and these are progressing very, very well although nothing has been concluded,” said Zimbabwe’s Secretary for Finance and Economic Development, George Guvamatanga. “I cannot comment on the contents of the letter.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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