The government is in the process of consulting various stakeholders with a view to review mining fees, Mines and Mining Development permanent secretary Prince Mupazviriho said.
The new fees are likely to be effected at the end of the month. Mupazviriho confirmed to NewsDay: “We are working on the reviews. We are waiting for the Ministry of Finance on this issue so that we will be able to make the reviews.”
“As of now we don’t have the percentages on the reviews. We will be able to have an indication after consultation with stakeholders such as the ministry of Investment Promotion and Economic Planning and the Chamber of Mines of Zimbabwe.”
The Ministry of Mines and Mining Development proposed an upward review of fees and charges levied for application registration and surface rentals, export permits and prospecting licences last year.
The reviews are meant to discourage companies and individuals from holding claims for speculative purposes and ensure a sustainable fee structure commensurate with services rendered by the Mines ministry was in place.
Currently the ministry is charging an application fee for registration as an approved prospector of $1 500, application fee for renewal of registration of an approved prospector ($250) and duplicate certificate of registration as an approved prospector
Those in need of an ordinary prospecting licence are forking out $100, $150 for a special prospecting licence and $100 for registration of precious stones or precious metals.
In his 2012 National Budget, Finance minister Tendai Biti said the government will increase royalty on gold and platinum from 4,5% and 5% to 7% and 10% as a mechanism to increase the contribution of mineral resources to the fiscus.
“Revenue collections from royalties during the period under review amounted to a paltry $44,1 million, compared to sales of $1,7 billion. The resource rent collections are thus not commensurate with the value of the minerals extracted, especially in view of the surge in international prices of precious metals,” Biti said.
The mining sector is expected to be the major driver behind economic growth this year and is projected to grow by 15,9% this year.