News / National
Zimbabwe to review exorbitant mining fees
05 Apr 2012 at 07:22hrs | Views
Government will review the exorbitant mining application fees they hiked in the last months following concerns from stakeholders, Mining Minister Obert Mpofu has said.
The country had hiked mining claims fees for platinum and diamond mines applications between $2 million to $5 million. But the move was castigated by analysts who said this will discourage investment at a time when it is desperately needed.
"The fees were promulgated in order to discourage holding of exploration and mining ground for speculative purposes and to enable the release of ground for exploration and development by serious players," Mpofu said at a mining meeting in Harare.
"The ministry is presently reviewing the impact of these fees on the mining sector in line with targeted objectives."
Zimbabwe is mineral rich in different minerals that include gold, platinum, coal and diamonds among many minerals.
The hiking of mining claims application fee came at a time government is demanding majority share ownership be given to it and indigenise people in all mining companies that are owned by foreigners.
Major foreign mining company Zimbabwe Platinum Mines submitted its indigenisation plan to government and said it expects the locals as well as the government to pay for the shares that are going to be takenover.
The country had hiked mining claims fees for platinum and diamond mines applications between $2 million to $5 million. But the move was castigated by analysts who said this will discourage investment at a time when it is desperately needed.
"The fees were promulgated in order to discourage holding of exploration and mining ground for speculative purposes and to enable the release of ground for exploration and development by serious players," Mpofu said at a mining meeting in Harare.
Zimbabwe is mineral rich in different minerals that include gold, platinum, coal and diamonds among many minerals.
The hiking of mining claims application fee came at a time government is demanding majority share ownership be given to it and indigenise people in all mining companies that are owned by foreigners.
Major foreign mining company Zimbabwe Platinum Mines submitted its indigenisation plan to government and said it expects the locals as well as the government to pay for the shares that are going to be takenover.
Source - radiovop
