Zimbabwe to hike mining taxes to bankroll elections

Zimbabwe will increase mining royalties soon to raise $132 million to bankroll the forthcoming elections, Finance minister Tendai Biti has said.  

The $100 million that had been promised by Pretoria hangs in the balance after a South Africa Treasury spokesperson said the 2 governments were only "engaged in ongoing discussions."

Biti is mulling introducing new taxes for miners to bankroll the forthcoming elections instead of borrowing on the debt market.