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SUPPLIES OF PLATINUM from Zimbabwe increased by five per cent to reach 145,000 oz in 2004, with small increases in shipments from both the Mimosa and Ngezi mines. However according to Johnson Matthey's Platinum 2005 annual review the future of the proposed expansions is in question, following changes to the regulations governing foreign currency accounts and uncertainties regarding the structure of future black economic empowerment legislation.
The uncertainty regarding black economic empowerment: leaked draft proposals suggested that BEE investors should take 49 per cent shareholdings in the country's platinum producers, but this was later watered down to 30 per cent within 10 years. South African BEE legislation calls for 26 per cent over 10 years and the BEE investors are required to pay market related prices for their equity stakes. JM does not elaborate on this aspect on paying for BEE stakes in the Zimbabwe context.
However JM does …