Zimbabwe Suspends 15 Percent Platinum Export Tax

Reuters reported that Zimbabwe plans to suspend a 15 percent tax on raw platinum exports to give mining companies two years to set up smelters and refineries in the country.
As quoted in the publication:

President Robert Mugabe’s government introduced the levy on unrefined platinum in January to encourage local processing of the metal. Miners, however, said this would slash their margins at a time global prices were falling.
Anglo American Platinum (Amplats), Impala Platinum Holdings and Aquarius Holdings own mines in Zimbabwe, which holds the second-largest reserves of the metal.
Mines Minister Walter Chidhakwa told the Herald, which reflects government thinking, that he had presented the mining companies’ request to defer the tax in a report to Mugabe’s cabinet and the cabinet had accepted it.

Click here for the full article.