Fin24

Zimbabwe to up diamond mining fees

2011-12-02 08:13

Johannesburg - Zimbabwe is considering increasing diamond mining application fees to $1m (about R8m), Harare's Herald Online reported on Friday.

It said Mines and Mining Development Minister Obert Mpofu made the announcement on Thursday. He was briefing players in the mining sector.

"We have been in talks with our principals (of the inclusive government) on the issue of increasing application fees for diamond mining to $1m and they have been agreeable," the minister was quoted as saying.

"We also intend to increase licensing fees for new diamond miners up to $5m (about R40m), as well as introduce fees that will be charged for certain mineral blocks."

Mpofu said the new fees would also be applicable to current operators and would be backdated.

"The period where foreign miners exploit our resources for next to nothing is over."

The move was part of broader initiatives by the government to gain leverage on its key natural resources, the Herald reported.