‘Reassess steep fees to heat up Zim mines’

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MINERS say Zimbabwe’s high royalty fees will impact negatively on the country’s quest to create a US$12 billion mining industry by the end of this year.
This comes as Zimbabwe’s mining royalty charges, at up to 10 percent, are among the highest in the world. In neighbouring South Africa, for comparative purposes, mining royalty rates are set at a maximum of seven percent, while Angola’s only go up to five percent.

Speaking in Harare last week during this year’s over-subscribed Annual Tax Review symposium, the chief economist of the Chamber of Mines (CoM), Pardon Chitsuro, said there was thus, an urgent need to align the stiff local royalty fees regime with that obtaining elsewhere in the region.