News / National
Zim to increase diamond mining application fees to $1 million
02 Dec 2011 at 05:25hrs | Views
THE Zimbabwean government has proposed to increase diamond mining application fees to US$1 million, Mines and Mining Development Minister Obert Mpofu, has said.
The move, which will also see an upward review of diamond mining licensing and other fees, is part of broader initiatives by the State to gain leverage on its key natural resources. Minister Mpofu was speaking at a mining sector stakeholders' briefing that was hosted by his ministry in Harare yesterday.
The move is expected to curb speculative claims hoarding because currently the Mines and Minerals Act does not specify a limit as to the number of claims one can hold.
Through the indigenisation drive, which requires foreign mining companies to sell 51 percent stake to indigenous Zimbabweans, the Government is taking steps to ensure the nation benefits from its mineral resources.
This includes a recent proposal by Finance Minister Tendai Biti in the 2012 National Budget to increase royalties for gold and platinum to 7 percent from 4,5 percent and 10 percent from 5 percent, respectively from next year. The plan has, however, not come without opposition. Mining companies are resisting the move.
The move, which will also see an upward review of diamond mining licensing and other fees, is part of broader initiatives by the State to gain leverage on its key natural resources. Minister Mpofu was speaking at a mining sector stakeholders' briefing that was hosted by his ministry in Harare yesterday.
Through the indigenisation drive, which requires foreign mining companies to sell 51 percent stake to indigenous Zimbabweans, the Government is taking steps to ensure the nation benefits from its mineral resources.
This includes a recent proposal by Finance Minister Tendai Biti in the 2012 National Budget to increase royalties for gold and platinum to 7 percent from 4,5 percent and 10 percent from 5 percent, respectively from next year. The plan has, however, not come without opposition. Mining companies are resisting the move.
Source - Ziana
