Zimbabwe bans unrefined gold exports, introduce 'heavy' tax on minerals

Exports of unprocessed platinum and diamonds will from January 1, 2014 attract a "heavy" tax as part of Government measures to force mining houses into beneficiating minerals and metals locally.

Finance Minister Patrick Chinamasa yesterday said in addition to this, Government had banned exports of unrefined gold.

Fidelity Printers and Refinery resumed operations on Tuesday, after stopping its mills in 2007 due to low output from miners, and it will now be the sole buyer of gold.

In his 2014 National Budget statement in Harare, Minister Chinamasa said Government had already pronounced its intention to compel platinum producers to beneficiate the metal locally within two years beginning this year.

Minister Chinamasa yesterday also said several companies had been licensed to beneficiate rough diamonds in Zimbabwe.

Last month, Mines and Mining Development Walter Chidhakwa urged platinum miners to bolster their efforts towards local beneficiation and value addition.

Minister Chidhakwa said platinum producers operated by South Africa-based Anglo-American Platinum, Impala Platinum and Aquarius Platinum, argued they were yet to reach the minimum production threshold of 500 000 ounces justifying establishment of a refinery.

The affiliates of the three companies produced around 347 000 ounces last year and are expected to produce around 400 000 ounces in 2013.