The Zimbabwe government wants mining companies to pay half of their royalties in diamonds, gold and platinum and the balance in cash as it seeks to grow its mineral reserves.
Bloomberg quoted finance secretary George Guvamatanga as saying in a letter sent to the Ministry of Mines that the Treasury was concerned that the country does not have reserves of the minerals, which "serve as a source of trust in a country given that they carry no credit or counterparty risks".
"It is something we want to implement," he told the financial news service provider.
Deputy mines minister Polite Kambambura also said they are currently consulting the mining companies.
"The whole idea by the Ministry of Finance is that they want to store the value of our royalty," he said.
Zimbabwe has the world’s third-largest reserves of platinum.
Platinum in the country is currently being produced by Impala Platinum and Anglo American Platinum, while diamonds are produced by Anjin, RZM Murowa and Zimbabwe Consolidated Diamond Company.
Gold mining companies include Caledonia, Rio Zim, Freda Rebecca and Metallon Corporation.
Mathew Nyaungwa, Editor in Chief of the African Bureau, in Zimbabwe, Rough&Polished
Exclusive
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
