Miners operating in Zimbabwe will have to pay part of their royalties in refined metal rather than cash. The country’s president announced the move in a newspaper on Sunday (October 9) as the country looks to capitalize on demand for its resources. “As of October this year, the government is now demanding that part of these royalties come as actual refined mining products,” Mnangagwa wrote in the paper. Major minerals found in Zimbabwe include gold, platinum, chromium, coal, diamonds and lithium.
For starters, Emmerson Mnangagwa does not want politics to be “frozen in time”, the law will focus on four of our key minerals. “Two of them are expensive; they are gold and diamonds. The other two are high-value minerals, and they are lithium and platinum group metals, PGMs,” the president added.
In the article, the Zimbabwean leader said he had already tasked “the Ministries of Finance and Economic Development and Mines and Mining Development” with fine-tuning the policy “in close consultation with the mining sector and the mining companies concerned”. He also said the new policy would require the Reserve Bank of Zimbabwe to have a system “for the demand and collection of designated minerals, even if they are processed beyond our borders”.
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