15pc platinum export tax deadline set to be moved

Government is considering postponing the January 2018 deadline for effecting a 15 percent tax on raw platinum exports to an indefinite date, an official from the Mines and Mining Development ministry has revealed.

The move is informed by the fact that mining companies are still setting up smelters and refineries.

The January 2018 deadline was initially proposed by platinum mining companies in 2015 when they pleaded to be allowed time to import their smelters and refineries to value add the raw platinum locally.

However, given the current foreign currency shortages in the country; which makes it difficult to import the necessary equipment needed to process the commodity locally, platinum producers have once again pleaded with the ministry to extend the deadline.

Director of the Metallurgy Department in the Mines and Mining Development Ministry, Valentine Vera, reportedly said the request has been tabled before the Parliament, adding that the ministry will advise once the issue is finalised.

He, however, highlighted that as it stands the deadline is still unchanged.“Debates are currently underway in the Parliament concerning the mining budget and the tax deadline and soon enough the ministry will advise on the latest development, if any”, he said.

Major platinum producers in the country include Zimplats, Unki and Mimosa. Vera highlighted that the ongoing negotiations with the platinum producers are aimed at facilitating sustainable growth and expansion of the sector.

Zimbabwe has the second largest platinum-group-minerals (PGMs) deposits after South Africa. – Wires.