Zimbabwe Ups Levy for Miners to Fund Exploration

Harare: The Zimbabwean government is said to have increased a mining levy to fund exploration activities as it transforms the Minerals Marketing Corporation of Zimbabwe (MMCZ) into a state exploration company.

Zimbabwe had vast mineral wealth spanning diamonds, platinum, gold, nickel, chrome and coal among other natural resources.

However, much of the minerals remained underground and there was no much knowledge of the actual reserves.

“What we are saying is that we want to transform the MMCZ into an exploration company. There is no new levy for exploration but the small fee that companies were paying to the MMCZ will be increased to about 1% so that the money can be used to fund exploration activities,” Mines and Mining Development Minister Walter Chidakwa was quoted by News24.

However, unnamed sources claimed that the operating framework in Zimbabwe prevented further exploration for current mining projects.

“Expansion of operations is undertaken through exploration but sadly as of now there is very little exploration taking place because the environment is uncertain and investors are sticking to current projects,” an unnamed official from the chamber of mines of Zimbabwe was quoted as saying.