Market Chatter: Sinomine Resource Group Unit Calls for Tax Breaks, Lower Royalties in Zimbabwe Amid Lithium Price Slump

MT Newswires Live10-03

A subsidiary of Sinomine Resource Group (SHE:002738) said the Zimbabwe government could help struggling lithium miners by introducing tax breaks and lowering royalties, Reuters reported Tuesday.

Bikita Minerals said Zimbabwe's rapidly weakening local unit resulted in a loss of value for miners as exporters are required to trade 25% of their hard currency earnings for the ZiG, according to the report. Lithium miners also faced challenges such as lack of basic infrastructure that significantly impacted production costs.

Despite the lithium price slump, which forced companies to cut production and lay off workers, the Zimbabwe government continues to press miners to build refineries in the African country, Reuters wrote.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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