[miningmx.com] — Zimbabwe has hiked mining exploration fees almost 2 000% to $1m in a bid to curb speculation, a state daily reported on Wednesday.
“We have companies and individuals who are holding onto unused mining claims,” Deputy Mines Minister Gift Chimanikire told The Herald newspaper.
“This will not help the economy. We want mining for development.”
Exploration fees had previously been set at $50 000. Fees for new coal projects have also been upped from $20 000 to $100 000, The Herald reported.
“It is… envisaged that the approved fees and charges will enable (the mining) ministry to effectively provide goods and services, as well as significantly contribute to the fiscus,” secretary for finance Willard Manungo said in a letter approving the new fees.
A recent government mining audit revealed that there were several individuals and mining houses holding claims for speculative purposes without doing anything to develop them.
