LONDON, Jan 30 (Reuters) - Miners Aquarius andImpala said on Friday they are seeking clarity fromZimbabwe's government over a proposed 15 percent export tax onunrefined platinum which, if enforced, would slash theirmargins.
The government first proposed the duty in 2013 an effort topush mining companies to process the metal domestically. It thenpostponed its introduction until January 2017 to give the firmstime to build the necessary smelting and refining plants.
But the government's finance bill, which was published onJan. 9, proposes its introduction from Jan. 1 2015.
With platinum prices already depressed, the tax would eatinto the profits of companies with platinum assets in thecountry, which include Anglo American as well asAquarius Platinum and Impala.
The impact on Aquarius's Mimosa mine in second quarterresults would be to reduce cash margins from $182 per ounce to$17 per ounce, Liberum analysts said.
"We would imagine (the tax)... will be watered down in someway," they wrote in a note.
Zimbabwe holds the world's second-largest platinum reservesafter South Africa. But mining sources have said the volumesmined there are not high enough to make construction of amulti-billion-dollar refinery economically viable.
They are also sceptical that the infrastructure and theenergy supply would be adequate to run such plants and point outthat there is excess refining capacity in South Africa.
Even if such plants are built, there is a risk that they maybe nationalised at some stage.
"Aquarius and Mimosa are hopeful that the matter will beresolved and remain committed to building good working relationswith the Government of Zimbabwe," Aquarius said in a statement.
Taxes are finalised on the 7th of each month for the priormonth in Zimbabwe, so the industry should have clarity on Feb 7. (Reporting by Silvia Antonioli; additional reporting by EdStoddard in Johannesburg; editing by John Stonestreet)
