Government offers lower taxes to mining investors

via Government offers lower taxes to mining investors | The Source February 28, 2014

Finance and Economic Development Minister, Patrick Chinamasa says government would offer incentives such as lower taxes or royalties to companies willing to add value to local minerals.

“Let us sit down and agree. The lower the taxes, the better for the industry,” Chinamasa said, addressing a two-day beneficiation conference in the resort town.

“We want to make sure we are benefiting from the depleting asset. We are aware that we don’t have to kill the goose that lays the golden egg, but the goose must also not take the egg.”

Zimbabwe government wants major mining companies to build refineries in the country to add value to local minerals and generate more income.  It has given foreign platinum miners two years to build one or lose their licences, but has indicated that it would be willing to let them retain majority shares in their local units if they do, in spite of a law compelling them to sell at least 51 percent shares to local blacks.

“For iron ore and nickel we are encouraging investment in steel plants. With respect to coal mining companies, we will give incentives to those who put up thermal plants,” Chinamasa said.

“In diamond mining, we have done a lot of work as we move towards reducing the number of players from the current seven to a manageable number to ensure accountability. We want to know the amount of diamonds produced, prices and clients.”

He said chrome exports remain banned.

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4 comments on “Government offers lower taxes to mining investors
  1. roving ambassador. says:

    Has the state put in the infrastructure to support these ventures. dream on Chinamasa dream on. sMELTING PLANT WITHOUT ELECTRICITY. All they do is sign these useless MOU with Russia , Iran and China and nothing ever materialise .

    Zanu is a dead donkey ,unfortunately it, smells, spooks and steal from us.

  2. John Thomas says:

    Having been on a major campaign to steal the mining companies from their rightful owners he now wants them to invest more. Chinamasa is dreaming. Let him deal with the dregs from Russia and China. These are his kind of people. They will all lie, cheat and steal from each other and nothing much will get done.

  3. Jono Austin says:

    Please! What a scam to invest billions in refineries only for ZANUPF to say ‘thanks now we renegotiate’ or perhaps even ‘get out of Zimbabwe you filthy British, American etc’
    Don’t believe me?-just look at their track record eg BIPPA. Who in their right mind would invest billions with a gang of thieves, thugs and murderers calling the shots. Trust is 100% lacking.

    The only way to ‘invest’ in Zimbabwe is by being a raiding party. Quick in and out and short term return is the order of the day. Grab what you can and get out. You have to be incredibly naive and foolish to sign any agreement with ZANUPF, which simply put is not worth the money it is printed on.

  4. Harry says:

    For the diamonds u had the chance with both DEBEERS and AFRICAN CONSOLIDATED RESOURCES so what now is your problem.U stole the resource from ACR to ensure that only a select handful of Zanu thieves would benefit to primarily partner Camel Jockeys, Chonky Lonkys and Wagon Burners to stash the wealth away in foreign vaults whilst treasury got peanuts.U now talk about foreign investment to add value now that u hav hit hard conglomerate.Debeers would hav discovered the source thru technology and many would now be employed with benefit to treasury.Keep on scratching like barnyard fowls u fools

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