Zimbabwe Gets Tough on Defaulting Mining Concession Holders

HARARE – Zimbabwe has given holders of mining concessions up to the end of April to pay $11 million in outstanding annual fees or risk losing their licences, the mines minister Winston Chitando said. Mining is the biggest earner of foreign exchange in the southern African nation, which hopes the sector will help anchor a revival from the worst economic crisis in a decade, marked by shortages of foreign exchange, food, fuel, electricity and medicines.

Zimbabwe holds the second-largest known reserves of platinum the world and large deposits of lithium, gold and chrome but has struggled to attract new investors who fret over power shortages and whether they can take their money out.

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