https://www.engineeringnews.co.za
Export|Mining|Platinum|Projects|Refinery
Export|Mining|Platinum|Projects|Refinery
export|mining|platinum|projects|refinery

Zimbabwe platinum miners ask government to defer export tax

Platinum bars

Photo by Bloomberg

14th November 2023

By: Bloomberg

  

Font size: - +

Zimbabwe platinum miners have asked the government to defer its planned 5% export tax on concentrates, pending the completion of smelters and the refurbishment of a refinery.

The producers want the tax deferred until 2025, according to a proposal submitted by the Chamber of Mines of Zimbabwe to the finance ministry before the 2024 budget presentation later this month. After announcing the tax in 2020, the Treasury initially gave miners two years to prepare, before later deferring it until January 2024.

The government is introducing the levy on shipments of platinum group metals’ concentrates to spur the development of processing facilities in Zimbabwe. Impala Platinum Holdings' Zimplats unit is on track to refurbish its base metal refinery and other smelters by 2025, the chamber said.

“To this end, we are appealing for further deferment of export tax on PGMs concentrates to align with Zimplats timelines for completion of their beneficiation projects,” it said.

Zimplats plans to spend $1.8-billion expanding mining and processing, including rehabilitating an old base-metals refinery built by BHP Group.

The chamber also said that an increase in the royalty on PGMs to 7%, from a previous rate of 2.5%, was impacting the viability of projects, especially after a decline in prices. It appealed for a lower royalty that could be adjusted with prices.

“We appeal for a royalty of around 3%,” the chamber said. “The royalty can be reviewed in line with movements in platinum prices up to a maximum of 5%.”

Zimbabwe holds the world’s third-largest known reserves of platinum.

Edited by Bloomberg

Comments

Latest News

From left, Kudakwashe Maramba, George Roach, Ntsiki Adonisi, Louis Nel, Jaco Prinsloo, Bernard Swanepoel.
Huge manganese value-add opportunity reiterated at Junior Indaba
Updated 2 hours 37 minutes ago By: Martin Creamer
Menar MD Vuslat Bayoğlu
Menar advancing on the manganese front
21st May 2024 By: Martin Creamer

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Lion Alcoblow ® - High speed breathalyser

VISIT SHOWROOM 

Latest Multimedia

sponsored by

SEW-EURODRIVE at Nampo 2024
SEW-EURODRIVE at Nampo 2024
21st May 2024
Uniclox at Nampo 2024
Uniclox at Nampo 2024
21st May 2024
Dachser South Africa at Nampo 2024
Dachser South Africa at Nampo 2024
21st May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.282 0.347s - 158pq - 2rq
Subscribe Now