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The Zimbabwe Chamber of Mines says the government’s hike of pre-exploration fees for the majority of minerals – by as much as 8,000% – will cripple the industry.
According to Reuters a raft of other charges include “registration of platinum and diamond claims going up to $2.5 million and $5 million” and “annual ground rentals ranging from $500 per hectare for chrome to $3,000 per hectare for diamonds.”
NewsDay reports the industry estimates the hikes in fees could cost the mining sector up The country’s 2012 budget also calls for royalty increases of 7.5% for gold and 10% for platinum.
This very short read, posted over at the mining.com website yesterday, is well worth your time...and I thank Australian reader Wesley Legrand for sending it along. The link is here
