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Fees for new coal projects have also been raised to US$100 000 from US$20 000. The new fees became effective in January.
Herald Business also understands that the reviews have also been effected, at different magnitudes, on various minerals, including gold and chrome.

The Mines and Mining Development Ministry had asked the Finance Ministry to review upwards fees for new diamond and coal projects to attract “serious and genuine” investors.
Four companies are currently exploiting diamonds in Zimbabwe, while three are at different stages of exploration.

Hwange Colliery  currently enjoys a monopoly in coal mining.
In granting the adjustment, Secretary for Finance Ministry Mr Willard Manungo wrote to his Mines and Mining Development counterpart, Mr Thankful Musukutwa.
“Minerals are a waste resource, hence the fees and charges levied for exploitation should reflect their value. Treasury, therefore, concurs with your proposal to review fees and charges premised on the principle of cost recovery, affordability and regional best practices.

“It is also envisaged that the approved fees and charges will enable your ministry to efficiently provide goods and services, as well as significantly contribute to the fiscus.”
Mines and Mining Development Deputy Minister Mr Gift Chimanikire said the adjustment would help Government attract serious investors and discourage the speculative culture.
“We have companies and individuals who are holding onto unused mining claims. We want serious investors in the mining sector.
“Currently, we have various mining houses who are just holding claims. This will not help the economy. We want mining for development,” said Mr Chimanikire in an interview.

Last year, Government warned a number of mining companies against hoarding vast claims of minerals without working them, yet there was huge interest from other interested investors.
Investigations by the Government revealed there were certain claim holders who were clinging to undeveloped ground for speculative reasons and simply paid the insignificant claim renewal fees.

The practice has incensed Government, prompting it to increase pre-exploitation fees to discourage speculation.
But some industry players said the new levies would discourage new investments particularly from local investors.
Some observers have pointed out that the hefty new fees were against the indigenisation and empowerment policy, as few locals would be able to participate in the industry.
“This move by the Government really threatens to derail the participation of locals in the diamond sector,” said one observer. “Who can raise US$1 million to venture into the diamond sector?” he asked.