Listed entity
The crocodile skin supplier and now a major gold producer is set to de-list from the ZSE on Friday and list on the VFEX on
If successful, it will become the second company to list on the new foreign currency denominated bourse after
While
"Notice is hereby given that the ZSE has instituted a Securities Halt in the trading of shares in
"Further that investors will not be able to buy or sell
Last week, the company received shareholder approval to list on
The VFEX will also give
Foreign currency denominated capital raising initiatives on the ZSE is seen as a tough ask for listed entities. The bourse also trades in the local
On Monday,
Mining incentives
Finance and Economic Development Minister Professor Mthuli Ncube, recently said his ministry had developed a supportive fiscal mining regime targeted at sustainably growing the industry.
The
These include reduction of corporate tax from 25 to 24 percent, deductibility of royalties for assessment of income tax, reduction of diamond royalties from 15 to 10 percent as well as sliding scale royalty system for gold, depending on global price levels. Minister Ncube said this at the Chamber of Mines of
"We have additional incentives for the sector, Your Excellency, to grow the sector. All capital expenditure incurred for expansion or exploration development wholly or exclusively, is allowed in full," he said.
The Finance Minister said any expenditure incurred in processing or acquiring mining rights may be allowed in full.
He said mining entities enjoy an indefinite carryover of tax losses while rebates on duty are granted to holders of a mining location, which during a specified period are imported exclusively or solely for mining operations development.
Further, he said rebate on duty was permitted on capital goods imported for mining operations development and during the exploration phase of a mining project.
The Government has put in place an incremental export incentive structure to boost exports.
The system rewards miners for bettering their export performance from the previous two years, and can see a miner's forex retention rising from 60 to 80 percent.
For players in the export processing zones, the minister said, retentions rise to 100 percent.
The sector is central to the achievement of
Minister Ncube said given mining's strategic importance, support measures will be given to make sure the industry graduates from simply extracting to mineral value addition as well as beneficiation.
Mining contributes 20 percent to Gross Domestic Product (GDP), accounts for 11 percent of fiscal revenue, which is primed to increase amid bullish NDS1 growth targets.
"For the mining sector, we project growth (for mining) of the order of 7 percent (per annum), which is above the NDS1 growth target of 5,2 percent, over the five-year period,"
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