Zimbabwe demands gold, diamonds, platinum and lithium as mining royalties

Zimbabwean President Emmerson Mnangagwa said a new policy forcing miners to pay half of their royalties in commodities and half in cash will start this month as the country works to build up its metal reserves. precious types and minerals for the first time.

Mnangagwa said the southern African nation would hold its gold, diamond, platinum and lithium reserves in its weekly column, published in the Sunday Mail.

He Written in state ownership. He said the central bank will monitor the reserves, which will be in processed end products, not ore, even if they are processed abroad.

Rich in natural resources

Mining companies operating in Zimbabwe include subsidiaries of Impala Platinum Ltd., American English Platinum Ltd. and Sibanye Gold Ltd. Zimbabwe has the third largest platinum reserves in the world after Russia and South Africa. It also mines nickel, chromium, lithium and coal.

Finance Minister Mthuli Ncube in July announced that platinum royalties will double to 5% and the same rate will be applied to lithium, starting in January.

Mnangagwa said the decision to require miners to pay part of the fee for refined products will help the government build physical reserves of precious and strategic minerals, while still providing some cash. to run government affairs. The reserves can also be used to securitize government loans.

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