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Zimbabwe Will Raise Taxes on Platinum, Lithium to Boost Revenue

  • Nation to introduce platinum, lithium royalty rate of 5%
  • Spending to rise by Z$929 billion to boost economic growth
A miner handles a piece of platinum rich ore.
A miner handles a piece of platinum rich ore.Photographer: Waldo Swiegers/Bloomberg

Zimbabwe plans to increase royalty rates on platinum producers and introduce one for lithium miners from Jan. 1 as part of efforts to boost its coffers that have come under strain from weakening economic conditions. 

The rate for platinum miners will double to 5% and a new rate of the same amount will apply to lithium producers, Finance Minister Mthuli Ncube said in his mid-term budget review presented to lawmakers in the capital, Harare, on Thursday.