Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the 2010 Soccer World Cup, compared to an income of R35m, a report says.
Harare - Zimbabwe is set to raise registration fees for platinum mines to $2.5m from the $300 it currently costs to discourage the holding of claims for speculative purposes, state media reported on Wednesday.
The government will soon announce the changes, which will mostly target the growing platinum and diamond sectors, Prince Mupazviriho, the permanent secretary in the mines ministry, told the state-controlled Herald newspaper.
The application fee for a prospector’s licence for platinum would also soar to $500 000 from $150, the newspaper said, citing a draft schedule prepared by the ministry. Ministry officials could not immediately be reached.
For diamond miners, the prospecting fee will remain at $1m, while a fee of $5m will be required to register a claim, it said. The application fee for coal, coal-bed methane gas, mineral oils, natural gas and nuclear energy mineral resources will cost $100 000 compared to $5 000 currently.
Zimbabwe’s government, struggling to raise revenue as the economy slowly recovers from a decade-long slump, has increasingly looked to the mining sector for funding.
Finance Minister Tendai Biti said he expects $600m cash inflows from the diamond sector to help fund a $4bn budget for 2012.
Biti also raised royalties on gold to 7% from 4.5%, and on platinum to 10% from 5%.