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Govt Wants Miners To Pay Royalties In Diamonds, Gold, Platinum

Govt Wants Miners To Pay Royalties In Diamonds, Gold, Platinum

The Zimbabwean government wants gold, diamond and platinum miners to pay half of their royalties to the government in the commodities themselves and the rest in cash.

Finance and Economic Development Permanent Secretary George Guvamatanga said the move is aimed at building the southern African country’s mineral reserves.

In a letter sent to the Ministry of Mines on September 2, 2022, Guvamatanga said the Treasury was concerned that the country does not have reserves of the minerals, which “serve as a source of trust in a country given that they carry no credit or counterparty risks,” 

Guvamatanga confirmed the Treasury’s plans in a phone interview with Bloomberg on Friday saying “It’s something we want to implement.” 

Polite Kambambura, deputy mines minister, said in a phone interview that consultations are still being undertaken with miners, including multiple meetings this week. He said:

The whole idea by the Ministry of Finance is that they want to store value of our royalty.

Mining companies that operate in Zimbabwe include subsidiaries of Impala Platinum Ltd., Anglo American Platinum Ltd. and Sibanye Gold Ltd.

Zimbabwe has the world’s third-largest reserves of platinum and also mines gold, diamonds, nickel, chrome, lithium and coal.

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8 Comments

uuuuuber 2 months ago

kubirana takaenda hedu


Revelation 2 months ago

Paper money is nothing that's why China and Russia are building reserves for every tiny mineral on earth....who do you think pushed for gold coins.


2 months ago

We should have reserves for all minerals instead of forex reserves coz we are still in a long process of developing our country. China and India and Japan are now forbidding their banks to by forex coz they are trying to trade with their local currency so it will be strategic for Zimbabwe to have mineral reserves.


. 2 months ago

You then hope kuti the minerals don't loose value or become useless

AK47 2 months ago

Chimbobayi henyu. Tiri kukuonayi makaunza magold coins asi anotengwa nemi chete , mukaunza auction yekuti ane bond akwanise kuwana US asi auction yacho inoita vanhu vekusarudzwa muchipa hama dzenyu . Mukapa maloan kuvanhu kanzi mukaita vanhu vekusarudza . Mukaita project rechingwa makaita vanhu vekusarudza. Ndinozviziva kuti murikuda kuti maminerals iwawo awungane mugototi akabiwa hatizivi kuti akaba ndiyani . Madini kuti maminerals akaita se coal , zink , asbestos zviunganidzwe sei mamanyira kugold nediamond


Gwedu 2 months ago

Evidence?


manguja 2 months ago

what about paying in RTGS,the strongest currency in the whole region?


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anesu 2 months ago

govt inopenga



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