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PLATINUM companies in Zimbabwe should benefit from a two-year suspension of a 15 percent tax on exports of unprocessed ore provided they complete a local refinery within that time, Mines Minister Walter Chidhakwa said. The government has repeatedly warned miners that taxes and royalties will be raised unless the mineral is smelted in the country rather than in neighbouring South Africa.
Companies operating in Zimbabwe include Anglo American’s platinum unit and Impala Platinum Holdings, the world’s two biggest producers of the metal.
“Cabinet accepted my report saying the miners should be given a reprieve, provided they commit to expanding the smelter at Zimplats,” Chidhakwa said by phone from the capital, Harare, referring to Impala’s unit in the country.
He said he was confident the smelter will be ready in under two years. Zimbabwe has the world’s largest known reserves of the precious metal after neighbouring South Africa, which refines Zimbabwe’s platinum ore. — Bloomberg.
Online Reporter