Zimbabwe's Too Risky To Invest In: Anglo American Platinum CEO Tells Mines Minister

Anglo American Platinum chief executive officer (ceo) Chris Griffith said he told Zimbabwe’s Mines Minister Winston Chitando that his company cannot up their invest in the country because of the ever-changing laws.

Griffith said laws and rules on processing had changed three times since work on Amplats’ new smelter Unki started. The Amplats CEO told the minister that constant changes made taking any investment decision difficult. Said Griffith:

I said (to Chitando):‘You think I will bring half a billion dollars to Zimbabwe when you guys keep chopping and changing the rules? There is no way I will do that.’

Unki, the smallest of three platinum mines in Zimbabwe, is Amplats’ only operation outside South Africa. The smelter under construction will produce a matte product that will be sent to the company’s refinery in South Africa. Speaking during a a mining conference on Wednesday, Chitando said Zimbabwe will impose a 15% penalty tax from January 1, 2019 on exports of platinum producers which do not build refining facilities in the country. Impala Platinum (IMPJ.J), Zimbabwe’s largest platinum producer, last year said the imposition of the levy could lead to the closure of its Mimosa mine.

More: Reuters