Platinum miner Zimplats on Friday reported a 94 percent drop in after-tax profit to $2.6 million after incurring a higher deferred tax charge.
Zimplats Mining News
The miner's Zimbabwean subsidiary, Zimplats, has released 23,903 hectares of its mining claims to the government.
Completing the $264-million mine will boost the platinum reserves of Zimplats from 3 million to 9 million ounces.
The country had introduced the levy on raw platinum exports in January, aiming to encourage local processing of the metal.
Companies met deadline to submit concrete plans for major refinery.
A draft bill leaked to the media last week shows the government is planning to amend the current law to avoid paying compensation to foreign miners.
Impala Platinum (LON:IPLA), the world's second-largest platinum miner, will retain the remaining 49% in its Zimbabwean operation.
Zimbabwe's Black Empowerment Minister, Saviour Kasukuwere, announced today it has taken majority ownership of foreign-owned mining firms, which had not already given a controlling stake to black Zimbabweans.
Impala Platinum transferring 51% of mine stake to Zimbabwe’s government called 'naive and irresponsible'
South Africa's Impala Platinum Holdings (Implats), the world’s second-largest platinum producer by volume, has agreed to transfer 51% of Zimplats, its subsidiary in Zimbabwe, after long-drawn-out negotiations with the government of that country.