SOUTH African resources outfit Valterra Platinum is engaging Zimbabwean authorities to secure a structured payment plan for more than US$100 million owed from surrendered export proceeds generated by Unki Platinum Mine.
The company said it was in discussions with the Ministry of Finance, Economic Development and Investment Promotion (MoFED) after revealing last month that authorities owed it R1,9 billion.
The delayed payments forced the platinum producer to recognise credit losses of nearly R600 million.
“Zimbabwe’s exchange-control rules require exporters to surrender 30% of proceeds at the official rate, but since early 2025, Unki has not received full local-currency payments for the surrendered portion,” Valterra said in its 2025 integrated annual report.
“As at December 31, 2025, more than US$100 million was outstanding from the authorities, creating financial pressure for the business.”
The issue surfaced alongside disclosures by Zimplats Holdings Limited, which said Zimbabwe was holding US$78,1 million of its export proceeds in a deferred liquidation account under export retention regulations.
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The miner said policy volatility in Zimbabwe continued to weigh on planning and operational stability, adding that it was “actively engaging MoFED to secure a structured plan for settling outstanding and future surrender obligations”.
“MoFED has also approved a tax set-off mechanism allowing duty-free import of qualifying goods and offsetting local-currency tax liabilities against amounts owed,” the company said.
Non-payment of surrendered proceeds forced Valterra to reclassify some funds. It moved R1,1 billion from cash and cash equivalents to other receivables, reflecting amounts due from Zimbabwe’s Treasury arising from the conversion of 30% of Unki’s export proceeds into local currency.
“Due to the lack of accessibility to the funds, the amounts are no longer considered to meet the requirement of being readily convertible to cash and have therefore been reclassified from cash and cash equivalents to other receivables,” it said.
The amount translates to about US$64,01 million.
“Also included in basic earnings is a provision for expected credit loss of R0,6 billion, mainly relating to amounts due …,” Valterra added.
The miner’s Audit and Risk Committee flagged the issue as a major operational risk. Chairperson Suresh Kana said Zimbabwe-specific risks, including foreign currency surrender requirements and liquidity restrictions, were assessed alongside financial and market risks.
“Overall, the committee emphasised proactive risk identification, mitigation strategies, and integrating risk management into governance and assurance processes,” Kana said.
He added that the committee was briefed on political and regulatory developments.
Unki Mines Private Limited, Valterra’s subsidiary, operates Unki Mine on Zimbabwe’s Great Dyke, about 60 kilometres south-east of Gweru.