By Business Reporters
THE GOVERNMENT has reverted to old mining and registration fees after players in the sector engaged the authorities to review the recent increases.
Last week, the Ministry of Mines and Mining Development sparked an outcry when it increased mining and registration fees by over 800 percent after pegging them in United States dollars.
The Zimbabwe Miners Federation (ZMF) argued the development was going to cripple their operations and close out new comers.
The Government said the reversal to old rates has been made in terms of Section 403 of the
Mines and Minerals Act (Chapter 21:05).
“The Minister of Mines and Mining Development . . . made the following regulations: these regulations may be cited as the Mining (General) (Amendment) Regulations, 2021 (No. 25),” it said in a latest update.
“Mining (General) (Amendment) Regulations, 2021 (No 24), published in Statutory Instrument 44 of 2021, are repealed.”
The rates are now pegged in local currency.
For instance, an ordinary prospecting licence is now pegged at $1 000 from US$100, which translated to $8 300 at the prevailing interbank rate.
A special prospecting licence that had been pegged at US$750 has been reviewed to $3 750, the application for revocation of forfeiture, which had been increased to US$1 000 is now pegged at $5000.
An application for an Exclusive Prospecting Order (EPO) is now at $10 000 from US$2 000 (non-refundable).
Meanwhile, wage negotiations between Zimbabwe’s mining companies and unions are expected to be completed today to avert a potential job action by one of the unions.