Unki Q1 output flat, remains mum on 15pct levy

Unki Q1 output flat, remains mum on 15pct levy

BULAWAYO, April 23 (The Source) – World platinum top producer Anglo America Platinum says milled tonnage output at its Zimbabwe unit Unki near Shurugwi was flat at 413,000 ounces in the first quarter ending March 31 compared to the previous quarter.

Year on year production went up by 9,26 percent compared to the 378,000 oz produced in the first  quarter last year, according to the first quarter production report released on Wednesday.

However, the group was silent on the impact of the 15 percent tax on platinum which is now in effect to all platinum companies operating in Zimbabwe.

The group in its year end results to December in February said it was concerned the tax was going to eat into its revenue streams

In January Zimbabwe Government introduced a new 15 percent export tax on raw platinum.

Zimbabwe first proposed the tax on unrefined platinum in 2013, in an effort to push mining companies to process the metal domestically. Late last year, however, it said it would postpone it until January 2017 to give miners time to build the smelting and refining plants.

However the Finance Bill, which was published in January proposed its introduction from January 1.