Zim diamond miners want royalty rate reducedHARARE – Diamond mining companies in Zimbabwe are lobbying for a further reduction in royalties, a report from a recent mining survey shows, as miners look at ramping up production.Mining executives surveyed said at 10 percent, the royalty rate for diamond miners was “still the highest in the world.”Government reduced the diamond royalty rate in 2019 to 10 percent from 15 percent after the companies complained over huge extraction costs resulting from a shift from alluvial to conglomerate diamond mining, which fetches more dollars but is more expensive to extract.“Diamond producer respondents indicated that the diamond royalty at 10 percent is still the highest in the world and is undermining the viability of producers,” said the survey, urging the Government to cut the rate in line with best practices.Chamber of Mines of Zimbabwe chief executive Isaac Kwesu told The Herald Finance & Business that the royalty rate of the […]
Zim diamond miners want royalty rate reduced
