Africa
Zimbabwe tax will cost Amplats $10 million a year
Zimbabwe's new 15 percent export tax on raw platinum, which was introduced earlier than expected in January, will cost Anglo American Platinum (Amplats) about $10 million a year, Chief Executive Chris Griffith said.
"The impact is about $10 million (in lost earnings) but in a mine that has just been investing and putting capital in and that needs to start making money back because we have been investing very heavily in building houses too. Those things will stop, many of the programmes (will stop)."
But the government's finance bill, which was published on Jan. 9, proposed its introduction from Jan. 1, causing concern among Amplats, the world's largest platinum producer, and others that operate in the country.