HARARE, Feb 4 (Reuters) - Zimbabwe will only revoke a tax onraw platinum exports if mining companies build a refinery, themines minister was quoted by a state-owned newspaper as sayingon Wednesday.
The African nation, which has the world's second-largestplatinum reserves, published a bill on Jan. 9 implementing a 15percent tax effect from Jan. 1.
The tax was first proposed by President Robert Mugabe'sgovernment in 2013 in a bid to encourage mines to processplatinum locally.
Mines Minister Walter Chidhakwa told The Herald newspaper,which is widely seen as the government's mouthpiece, that he hadinformed mining companies during meetings that the platinum taxcould be removed only if they build a refinery.
"If they build the refinery facility, I will be quite happyto recommend to His Excellency the President, the Minister ofFinance and Parliament that we revoke the policy," Chidhakwasaid.
He could not be reached for immediate comment.
The tax will eat into profits for Aquarius andImpala Platinum, the two largest operators in Zimbabwe.Anglo American Platinum also mines in the country.
Finance Minister Patrick Chinamasa who told Reuters thisweek he would retain the tax because companies had failed toprovide plans for a local refinery.
The chamber of mines, which is leading discussions with thegovernment on behalf of mining companies, declined to comment.
Costs to build a refinery and the power plant needed to runit have been put at around $3 billion, equivalent to more than 20 percent of Zimbabwe's gross domestic product. (Reporting by MacDonald Dzirutwe; editing by Ed Stoddard andJason Neely)