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*Zimbabwe Suspends Levy On Raw Platinum Exports* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?aj The Zimbabwean government has suspended the 5 per cent levy on raw platinum exports. The Treasury announced the tax in 2020, giving the country’s platinum miners two years to prepare before its planned introduction early this year. ---------- itel A70 256GB $99USD WhatsApp: https://wa.me/+263715068543 Calls: 0772464000 ---------- Speaking during a recent interview with ZTN “The Mint Special” programme Finance and Economic Development Minister Mthuli Ncube said miners said the levy was choking their operations. He said: > 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). > And we decided, as a Government, to remove or suspend that tax, so it’s no longer applicable and this has been welcomed by the platinum industry. > Because it’s 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. He added that he had directed the Zimbabwe Revenue Authority (ZIMRA) to stop collecting the tax. *Why was it introduced in the 1st place?* > i). To persuade miners to develop domestic value addition facilities, to optimise returns from its vast platinum deposits. > 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. > iii). Platinum together with gold, generate more than half the foreign exchange inflows from the mining sector. Zimbabwe has the third biggest known platinum deposits. Producing mines: > a). Zimplats (a unit of South Africa’s Implats), > b). Mimosa Mining Company (co-owned by Implats and Sibanye Stillwater of South Africa), and > c). Unki Mine (a unit of Anglo-American). Other platinum projects at various stages of development: > i). Great Dyke Investments (a joint venture between Zimbabwean and Russian investors) > ii). South African firm Tharisa Capital’s fledgling Karo Resources project and > iii). Bravura, fronted by Nigerian investor Benedict Peters. Zimbabwe intends to grow mineral loads from mining to US$12 billion by 2023 from US$2.7 billion in 2017. More: The Herald _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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