- Starting from October, the Miners operating in Zimbabwe will have to pay some of their royalties in refined metal rather than cash. The announcement came from President Emmerson Mnangagwa on October 9th.
Starting from October, the Miners operating in Zimbabwe will have to pay some of their royalties in refined metal rather than cash. The announcement came from President Emmerson Mnangagwa on October 9th.
Zimbabwe owns rich deposits of gold, platinum, chrome, coal, diamonds and lithium. The country has the world’s third-largest reserves of platinum after Russia and South Africa. The new policy is to build precious metal and mineral stockpiles for the country for the first time. The reserves can be used to securitize borrowing by the government.
In his weekly column, published in the Sunday Mail newspaper, the Zimbabwean leader said that the central bank will be the custodian of the reserves in processed final products, not ore, even though they are processed abroad. The Ministries of Finance and Economic Development, and Mines and Mining Development have been tasked with fine-tuning the policy.
Mining companies that operate in Zimbabwe include subsidiaries of Impala Platinum, Anglo American Platinum Ltd. And Sibanye Gold Ltd. In July, Zimbabwe had doubled the platinum and Lithium royalties to 5% starting in January.
Also read;
https://trendsnafrica.com/imf-team-in-zimbabwe-to-take-stock-of-economic-challenges/
https://trendsnafrica.com/zimbabwes-gold-production-increases/
https://trendsnafrica.com/chinese-coal-company-in-zimbabwe-dragged-to-court-on-environmental-ground/
