Zimbabwe Platinum Mines Says Tax Will Delay

Bloomberg reported Zimbabwe Platinum Mines Ltd. said a tax demand will delay the company’s planned $469 million expansion program to boost output by 50 percent.

As quoted in the market news:

Zimplats had a tax agreement with the government that gave it certain concessions over the treatment of capital expenditure. The Zimbabwe Revenue Authority, known as Zimra, has ruled that the concessions weren’t written into law and so they no longer apply.

Mhembere said the company doesn’t plan to appeal the $33.8 million tax demand and has “agreed to the re-calculation.”

Click here to read the full Bloomberg report.