Zimbabwe mining fees up 5,000 per cent

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The Zimbabwe Government has raised mining and licence fees by between 500 and 5,000 per cent, according to state-controlled local media the Sunday Mail.

Registration of diamond claims have increased from $US1 million to $US5 million, while application fees for coal investors have risen from $US5000 to $US100,000.

The platinum industry has seen some of the biggest hikes, with application fees rising from $US200 to $US500,000.

Should an application for platinum mining be successful the licence to operate has also skyrocketed, rising from $US500 to $US2.5 million.

According to the Sunday Mail the Confederation of Zimbabwe Miners has sent a letter the to Government expressing concern over the hikes.

"These fee increments are ridiculous and unsustainable and they will force miners out of business,” it said.

“We are kindly asking for suspension and withdrawal of the new fees until we discuss and come up with a sustainable structure. In the meantime we should revert to the old fees, which are already high.”

In Queensland an application for a coal exploration permit costs $1030, and for minerals other than coal it costs $772.

The Zimbabwe Government said its decision to raise prices was designed to curb speculative activity in the country’s mining sector.

Last week Perth-based exploration junior Eldore Mining announced a major gold mine acquisition in Zimbabwe.

The company said it had signed an agreement to acquire the Lonely gold mine for $US4.4 million.

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