There will be no tax relief for mining campanies in Zimbabwe starting January 2025 in a bid to push the firms to establish facilities for processing raw materials within the country.
According to a statement posted on X, the country’s Ministry of Finance announced: “The platinum industry has already made significant progress in developing a base metal refinery plant, which is slated to become operational next year.”
Zimplats Holdings has reportedly committed $29 million (£22.62 million) to a refinery project with an estimated total cost of $190 million.
The Treasury noted that the government has implemented a 5% beneficiation tax on the export of raw platinum to encourage mining companies to invest in processing facilities. Additionally, customs duties on importing equipment for setting up beneficiation plants have been eliminated to further support these efforts.
President Emmerson Mnangagwa has also emphasized the government’s plan to introduce incentives aimed at promoting local processing of mineral resources.
This approach underscores Zimbabwe’s commitment to harnessing its vast natural resource wealth, including the world’s third-largest platinum reserves, ranking behind only Russia and South Africa.
With over half of the country’s revenue generated from mining exports—including gold, chrome, and diamonds—the sector remains a cornerstone of the economy.
In a parallel initiative to boost local value addition, the Zimbabwean government is reportedly engaging in talks with lithium mining companies, according to a news agency.
