[miningmx.com] – A SLUMP in mining royalties contributed to a six percent decline in Zimbabwe’s tax take in the first half of its fiscal year, said Reuters.
At $39.8 million, mining royalties were 39% below target. When compared to the same time last year, mining royalties fell 65% from $112m, it said. Tax collections were $1.66bn compared to $1.72bn last year and off the first half target of $1.76bn.
“The performance of the revenue head (mining royalties) can be attributed to depressed international mineral prices,” said Willia Bonyongwe, the chairperson of the Zimbabwe Revenue Authority.
In a bad day for Zimbabwean mining, its largest gold producer, Metallon Corporation, said it missed its output target for the first half of the year by 19% owing to equipment breakdowns. Production was 48,143 ounces compared to 45,524 ounces last year.
