{"id":67483,"date":"2022-10-10T20:19:17","date_gmt":"2022-10-10T18:19:17","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-miners-not-worried-by-new-royalties-proposal"},"modified":"2022-10-10T22:44:18","modified_gmt":"2022-10-10T20:44:18","slug":"zimbabwe-miners-not-worried-by-new-royalties-proposal","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimbabwe-miners-not-worried-by-new-royalties-proposal","title":{"rendered":"Zimbabwe Miners Not Worried By New Royalties Proposal"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Zimbabwe\u2019s miners are not losing sleep over President Emmerson Mnangagwa\u2019s announcement on Sunday that the government would require companies mining gold, diamonds, lithium and platinum group metals (PGMs) to pay part of their royalties in refined metal rather than cash.<\/p>\n

The Chamber of Mines, which represents major mining companies, said the pronouncement would not increase existing royalty rates.<\/p>\n

Speaking to Reuters, Chamber of Mines Chief Executive Isaac Kwesu said they \u201crespect\u201d the government\u2019s position. He said:<\/p>\n

We respect the government\u2019s position. It\u2019s their prerogative. All they are saying is they are changing payment modalities.<\/p>\n

One of the foreign companies operating in Zimbabwe, Impala, said it was working with the Chamber of Mines to understand and respond to the new policy.<\/p>\n

In an emailed response to Reuters, Impala spokesperson Johan Theron said:<\/p>\n

Paying royalties in U.S. dollars and or partly paying in equivalent metal products, on face value, does not materially alter the cost burden in Zimbabwe.<\/p>\n

Mark Learmonth, the Chief Executive of Caledonia Corporation, one of the largest gold producers in Zimbabwe told Reuters:<\/p>\n

We have not seen the detailed mechanisms whereby this proposal may be implemented, but I do not think it would have any financial or operational effect on our business.<\/p>\n

According to the Zimbabwe Revenue Authority (ZIMRA), mineral royalties accounted for 2.8% of Zimbabwe\u2019s tax revenue in 2021.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Zimbabwe\u2019s miners are not losing sleep over President Emmerson Mnangagwa\u2019s announcement on Sunday that the government would require companies mining gold, diamonds, lithium and platinum group metals (PGMs) to pay part of their royalties in refined metal rather than cash. The Chamber of Mines, which represents major mining companies, said the pronouncement […]<\/p>\n","protected":false},"author":84,"featured_media":67482,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,12],"tags":[1493,2189,12192,11029,4820,1347,182,12190,12191,1119,12193,19],"class_list":{"0":"post-67483","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-policy","10":"tag-africa-press","11":"tag-africa-press-zimbabwe-2","12":"tag-chamber-of-mines","13":"tag-chamber-of-mines-of-zimbabwe","14":"tag-lithium","15":"tag-minerals","16":"tag-miners","17":"tag-mining-royalties","18":"tag-pgms","19":"tag-platinum","20":"tag-royalties","21":"tag-zimbabwe"},"yoast_head":"\nZimbabwe Miners Not Worried By New Royalties Proposal - zimbabwe<\/title>\n<meta name=\"description\" content=\"Zimbabwe\u2019s miners are not losing sleep over President Emmerson Mnangagwa\u2019s announcement on Sunday that the government wo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-miners-not-worried-by-new-royalties-proposal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe Miners Not Worried By New Royalties Proposal\" \/>\n<meta property=\"og:description\" content=\"Zimbabwe\u2019s miners are not losing sleep over President Emmerson Mnangagwa\u2019s announcement on Sunday that the government wo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-miners-not-worried-by-new-royalties-proposal\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-10T18:19:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-10T20:44:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/10\/postQueueImg_31-6344840088f4d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1079\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-miners-not-worried-by-new-royalties-proposal\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-miners-not-worried-by-new-royalties-proposal\",\"name\":\"Zimbabwe Miners Not Worried By New Royalties Proposal - 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