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Zimbabwe to Increase Royalties Payable by Platinum Miners

Move aimed at making platinum producers process the precious metal locally, Mines Minister Obert Mpofu tells reporters in capital, Harare.

  • Semi-processed ore will attract more charges than refined ore, Mpofu says
  • "We have become a source of cheap raw material and we need to improve on the value of our minerals, especially our precious minerals, and that should stop": Mpofu
  • Minister didn’t disclose proposed new fees; country currently charges 10% royalty on platinum, according to ministry figures
  • NOTE: Zimbabwe has world’s 2nd-biggest platinum reserves after South Africa
  • NOTE: Impala Platinum, Anglo American Platinum, Aquarius

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