Zimbabwe to Introduce Mining Royalty Rule in a Bid to Build National Mineral Reserves, Mnangagwa Confirms

• The Zimbabwean government is set to introduce a new rule which will see companies pay in royalties and cash
• The country's president Emmerson Mnangagwa said this would help the government build the national mineral reserves
• The new law, which comes into effect this month, will compel companies mining gold, diamond, lithium and platinum to surrender a quota of their minerals to the Reserve Bank of Zimbabwe

Zimbabwe will introduce a new rule this month that compels companies that mine gold, diamond, lithium and platinum to surrender a quota of their minerals to the government in royalties.

The Southern African country boasts the world's third-largest platinum reserves. The country also mines, and also mines nickel, chrome, lithium and coal.

According to TimesLIVE, President Emmerson Mnangagwa confirmed the news stating that companies such as subsidiaries of Impala Platinum, Anglo American Platinum and Sibanye Gold will all be compelled to surrender a quota of their minerals to the country's central bank.

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Writing in a column in the state-owned Sunday Mail, Mnangagwa said the new rule, which targets four of the country's main minerals, including those refined outside the country, will help the struggling nation build a national mineral reserve. He wrote:

"Starting this October, the government now requires that part of these royalties come as actual refined mining products in respect of each of the four minerals. I would have wanted this to start last month, in September; this could not happen since certain things needed finalising. Now we are ready."

Panyaza Lesufi reshuffles his cabinet, Mzansi sceptical about him taking over as Gauteng Premier

In other news, Briefly News also reported that Panyaza Lesufi shuffled up his executive team after being sworn in at the provincial legislature as the new Premier of Gauteng on Thursday.

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He selected Nomantu Nkomo-Ralehoko as a Member of the Executive Council (MEC) for Health and Wellness. Taking over as the MEC for Economic Development is Tasneen Motara, reported Eyewitness News.

According to Business Live, Lesufi replaced David Makhura, and as the new man in charge of the economic hub of South Africa, he said his focus will be on three things. He wants to tackle crime and corruption and preserve Gauteng's economic position.

Source: Briefly News