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Reuters reported that Zimbabwe’s Chamber of Mines has advised the country to cut royalties for platinum miners Anglo American Platinum (JSE:AMS) and Impala Platinum (JSE:IMP).
Reuters reported that Zimbabwe’s Chamber of Mines has advised the country to cut royalties for platinum miners Anglo American Platinum (JSE:AMS) and Impala Platinum (JSE:IMP).
As quoted in the publication:
In a commentary on the 2016 budget presented to parliament in November, the Chamber of Mines said royalty fees charged on the local divisions of Anglo American Platinum (AMSJ.J) and Impala Platinum (IMPJ.J) should be cut.
“The platinum sector requires support in the form of royalty reduction to restore viability, especially during this period of depressed prices,” the mining chamber said in a statement seen by Reuters on Tuesday.
Platinum XPT= prices are near seven-year lows of about $850 an ounce, hobbled by slowing demand in top consumer China and as the Volkswagen’s emissions-cheating scandal weighs on market sentiment.