ANGLO BUYS ZIMBASCO

ANGLO American Zimbabwe said on Wednesday it has reached a provisional agreement to purchase the Zimbabwe Mining and Smelting Company with partners of its choice. In a statement, the company said the finalisation of the purchase is subject to conclusion of a due diligence exercise undertaken with the government’s support as well as regulatory approvals and that of Anglo’s worldwide partner in the chrome business Billiton Plc. On approval Anglo Zimbabwe plans to invest some $150-million in developing Zimasco’s assets.