Govt suspends five percent levy on raw platinum exports

By Stanley James, Business Editor

THE government has suspended the five percent levy on raw platinum exports after miners presented their platinum beneficiation plans.

After a series of meetings held earlier this year, Treasury has been convinced by beneficiation plans submitted by platinum miners, hence the decision to suspend the five percent levy on raw platinum exports.

Mines and Mining Development Minister Honourable Winston Chitando says the decision is based on the need to sustain beneficiation plans.

“Remember the sector has been submitting plans to add value to the commodity, and it is within such perspective that the country’s largest producer, Zimplats, is investing over US$1,8 billion on the refinery plant such that by end of 2026 it will be complete and we are really convinced by commitment to such plans,” he said.

The Chamber of Mines has also described the suspension of the tax as key to the growth of the platinum extraction sector.

The platinum mining industry is expected to contribute over US$3 billion towards Zimbabwe’s US$12 billion mining industry by next year.