IMPALA Platinum CEO, David Brown, said his decision to resign was driven by a desire for "a change of scenery," but that if asked he would assist with the platinum firm's efforts to conform to Zimbabwe's indigenisation legislation after his departure, scheduled for end-June.

Brown was speaking to Miningmx following an announcement earlier on Wednesday that he was to step down as CEO on June 30. Impala Platinum said a successor has been selected, but the details of the appointment have yet to be inked. Shares in Impala Platinum fell 2.7% on the JSE.

Shares in Anglo Platinum, Aquarius Platinum and Lonmin were all in positive territory. "I informed the board's chairman several months ago that I was basically looking for a change of scenery.

I've probably been one of Impala's longest serving executives, having been on the board for 14 years," said Brown.

Brown's announcement to leave Impala Platinum comes at a sensitive time for the company, which recently submitted fresh proposals to meet indigenisation legislation in Zimbabwe; effectively black empowerment.

Impala has already agreed to a 10% equity deal through the formation of community trusts, as well as a $10m CSI agreement. However, the Zimbabwean government is seeking control of assets owned by foreign firms.

Impala was given an extension to table a new deal in November which Saviour Kasukuwere, the Zimbabwean minister responsible for indigenisation, told Miningmx had "heartened him". But a final deal is still elusive.

It's since thought that Zimbabwe's ruling party, Zanu-PF, is pushing for elections to take place in 2012 rather than 2013, and that it might wait for successful elections before completing a deal with Impala.

This could mean that Brown will leave the company before establishing security over the significant mineral resources it owns, through Zimplats, in Zimbabwe. Brown acknowledged this was a possibility, but said arrangements in Zimbabwe still remained "flexible", adding: "You have to realise we're negotiating with a government, and it has its own timelines".

Said Brown: "I have built up relationships in Zimbabwe. If the company would like me for interaction on an ongoing basis then that's a bridge we can cross when we get to it," he said.

He said the "focal point" of his energies for the next five-and-a-half months would be safety controls on Impala's mines, and the conclusion of an indigenisation agreement in Zimbabwe.

"Fourteen years is a long time to be an executive director and the South African mining industry is relentless. It's been invigorating but I'm seeking a little bit of quiet time," he told Miningmx.

Brown, who has been CEO of Impala since 2006, was key in negotiating an agreement that same year in which it released some 51 million ounces of platinum or 99 million ounces of 4E [platinum, palladium, rhodium and gold] to the Zimbabwean government, the so-called Release of Ground deal.

At the time, Impala said in an announcement to the JSE that the release of those mineral reserves was outside the group’s long-term expansion programme, which was then of some 1 million platinum ounces over a 50-year life of mine.

In return, Zimplats was to be awarded an empowerment and cash credit of $153m for release of the mineral bearing ground.

It will be interesting to see if the Zimbabwean government makes good on this contracted pledge.

The agreement also provided for all remaining claims retained for the long-term expansion to be incorporated into the special mining lease regime that applied to Zimplats’ current operations. -miningmx