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Zim slashes mining fees

Harare - The Zimbabwean government has cut down most mining fees in an effort to promote investment in the sector, particularly for small-scale miners.

According to the government Gazette of March 21, 2013, registration fees for platinum special prospecting licences have been slashed from $2.5m to $750 000.

Platinum prospecting licence fees have been slashed from $500 000 to $500 while the application for a special prospecting platinum is unchanged at $500 000.

Government also scrapped the $5m registration fees for diamonds while renewal fees for diamond mining has remained at $1m.

Registration or renewal fee for coal and energy related mining has been cut to $100 000  from $500 000.

The fees were reduced amid concerns that if they had remained high the country would not attract more investors.

Last year the African Development Bank (AfDB) said the exorbitant mining fees were acting as a barrier to companies entering the mining sector and reducing the profitability of those companies already in operation.

In its economic review for April 2013, the AfDB said the fees could be reduced to help the sector attract more investors.

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