Home » Education » ZIMBABWE FURTHER DEFERS DEADLINE FOR PLATINUM REFINERIES

The Zimbabwean government has further deferred, by a year, the deadline for platinum miners to start local refining.

Zimbabwe, one of the top platinum producers in the southern African sub-region, announced plans in 2013 to refine the mineral locally and ordered miners to build refineries. The move was to create jobs, save on refining fees, and crucially account for all mineral by-products.

Zimbabwe has three major companies mining platinum, whose ore is at present shipped to South Africa for refining. The companies were initially given January 2015 as the deadline by which they should be have set up refineries, but this was later deferred to December 2016.

The government set a 15 per cent tax on platinum ore exports for companies that failed to refine locally.

However, presenting the 2017 National Budget here Thursday, Finance and Economic Development Minister Patrick Chinamasa said the government had noted progress that had been made in establishment of refineries locally. However, he did not say what the companied had done so far.

"With regards to value addition, government has noted progress made by platinum producers and accordingly, extends the reprieve to December 2017, failure of which the imposition of the 15 per cent export tax will be re-introduced," he said.

The platinum miners -- Zimplats, Mimosa and UnkiPlatinum -- had initially argued that the country was not producing enough to necessitate establishment of a refinery but government insisted on the move until the firms caved in.

Platinum is the second biggest foreign currency earner for Zimbabwe, after gold.

Source: NAM NEWS NETWORK

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