Miners operating in Zimbabwe will have to pay part of their royalties in refined metal rather than cash.
The country’s president announced the move in a newspaper on Sunday, October 9, as the country struggles to capitalize on demand for its resources.
“From October, the government now requires that a portion of these royalties be made up of refined mining products,” Mnangagwa wrote in the newspaper.
The main minerals found in Zimbabwe are gold, platinum, chromium, coal, diamonds and lithium.
For starters, Emmerson Mnangagwa doesn’t want the policy to be “frozen in time”, the law will target four of our main minerals.
“Two of them are precious; they are gold and diamonds […] The other two are high value minerals, and these are the lithium and platinum group metals, the PGMs,” the president added.
In the article, the Zimbabwean leader said he had already tasked the “Ministries of Finance and Economic Development, and Mines and Mining Development” to fine-tune the policy, “in close consultation with the mining sector and the mining companies concerned”.
He also said the new policy would require the Reserve Bank of Zimbabwe to have a system “to demand and collect designated minerals, even when processed beyond our borders”.