Zimbabwe’s biggest gold mining company announced Thurs day it planned to list shares on the local and London stock exchanges to raise fresh capital, and to meet a new g overnment empowerment stipulation.
Metallon Gold said the primary listing would be on the London bourse, and the se condary one on the Zimbabwe Stock Exchange.
The gold miner is controlled by Metallon Corporation of South Africa, and part o f the reason for the share listing is to meet a new Zimbabwean requirement that all foreign-owned businesses give up 51 percent shareholding to locals.
The law, which came into effect last month, is strongly opposed by foreign busin esses, but some companies have indicated they will comply.
“We will be listing on the ZSE to meet the indigenisation requirements. This is the key component of how we intend to comply with empowerment laws but we will start having primary listing on the London Stock Ex change,” Metallon Gold chief executive, Collen Gura, said.
The company runs several gold mines in Zimbabwe, a country with vast untapped re serves of the mineral.
Gura did not say how much the company planned to raise from the listings.