30th Jan 2015 09:47
LONDON (Alliance News) - Aquarius Platinum Ltd Friday said it it working with platinum mining companies in Zimbabwe to resolve confusion that's arisen about when a proposed Zimbabwean export tax that's due to be introduced on unrefined platinum will come into effect.
The Zimbabwean government had previously said it would put the tax in place from January 1, 2015 in an effort to encourage platinum miners to invest in smelting and refining capacity in the country, but in December, the government deferred the tax until January 1, 2017. However, the 2015 Finance Bill, which was made official on January 9, did not provide for the deferral of the tax.
"The platinum mining companies, represented by the Chamber of Mines, are in the process of engagement with the Government of Zimbabwe to resolve the matter. Aquarius and Mimosa are hopeful that the matter will be resolved and remains committed to building good working relations with the Government of Zimbabwe," Aquarius said in a statement.
The tax has been set at a rate of 15% of revenue from unrefined exports.
Aquarius Platinum shares were down 0.9% at 14.62 pence Friday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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