{"id":59196,"date":"2022-05-17T17:49:02","date_gmt":"2022-05-17T15:49:02","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-suspends-levy-on-raw-platinum-exports"},"modified":"2022-05-17T20:02:56","modified_gmt":"2022-05-17T18:02:56","slug":"zimbabwe-suspends-levy-on-raw-platinum-exports","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-suspends-levy-on-raw-platinum-exports","title":{"rendered":"Zimbabwe Suspends Levy On Raw Platinum Exports"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Zimbabwean government has suspended the 5 per cent levy on raw platinum exports.<\/p>\n

The Treasury announced the tax in 2020, giving the country\u2019s platinum miners two years to prepare before its planned introduction early this year.<\/p>\n

Speaking during a recent interview with ZTN \u201cThe Mint Special\u201d programme Finance and Economic Development Minister Mthuli Ncube said miners said the levy was choking their operations. He said:<\/p>\n

They wrote to me and gave me good reasons as to why this tax is not a good tax and that it is hurting investments. Certainly, in their arguments, I was convinced and the Government was convinced and I also briefed His Excellence (the President).<\/p>\n

And we decided, as a Government, to remove or suspend that tax, so it\u2019s no longer applicable and this has been welcomed by the platinum industry.<\/p>\n

Because it\u2019s about a change in tax, it is always better to effect it in a Finance Bill Amendment, but that tax is not being collected by anyone.<\/p>\n

He added that he had directed the Zimbabwe Revenue Authority (ZIMRA) to stop collecting the tax.<\/p>\n

i). To persuade miners to develop domestic value addition facilities, to optimise returns from its vast platinum deposits.<\/p>\n

ii). Platinum miners are exporting the mineral to South Africa for refinement, largely in a raw or semi-processed state, depriving the country of significant potential revenues.<\/p>\n

iii). Platinum together with gold, generate more than half the foreign exchange inflows from the mining sector.<\/p>\n

Zimbabwe has the third biggest known platinum deposits. Producing mines:<\/p>\n

a). Zimplats (a unit of South Africa\u2019s Implats),<\/p>\n

b). Mimosa Mining Company (co-owned by Implats and Sibanye Stillwater of South Africa), and<\/p>\n

c). Unki Mine (a unit of Anglo-American).<\/p>\n

Other platinum projects at various stages of development:<\/b><\/p>\n

i). Great Dyke Investments (a joint venture between Zimbabwean and Russian investors)<\/p>\n

ii). South African firm Tharisa Capital\u2019s fledgling Karo Resources project and<\/p>\n

iii). Bravura, fronted by Nigerian investor Benedict Peters.<\/p>\n

Zimbabwe intends to grow mineral loads from mining to US$12 billion by 2023 from US$2.7 billion in 2017.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Zimbabwean government has suspended the 5 per cent levy on raw platinum exports. The Treasury announced the tax in 2020, giving the country\u2019s platinum miners two years to prepare before its planned introduction early this year. 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