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Impala’s Zimbabwe Platinum Unit Faces Tax Bill of $33.8 Million

Sept. 25 (Bloomberg) -- Zimbabwe Platinum Mines, a unit of Impala Platinum Holdings Ltd., faces at least $33.8 million in tax liabilities from revised revenue-authority assessments.

“The company may be liable for additional interest and penalties,” Guernsey-based Zimplats said today in a statement.

The company’s budget contribution in direct and employee taxes in the fourth quarter ended June 30 was $23 million, the company said July 31. It produced 182,100 ounces of platinum “in matte” from three underground mines for the fiscal year.

Zimbabwe has been pushing mining companies to meet rules to sell 51 percent of domestic operations to locals. Zimplats said in March it presented an acceptable plan. Empowerment Minister Saviour Kasukuwere said on Sept. 19 platinum mining companies including Zimplats were compliant. Impala declined to comment.

To contact the reporter on this story: Carli Cooke in Johannesburg at clourens@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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