No substitute to value-addition


Lazarus Sauti

Government has reaffirmed its position on the need to invest in the value-addition of the country’s minerals as mining taxations only cannot promote economic growth.

Delivering a lecture at the inaugural Africa Must Think Series, the Minister of Mines and Mining Development, Cde Walter Chidhakwa said mining taxation will not grow the economy, hence the need to restructure the existing status quo.

He said, “Mineral producers have no say in terms of determining the obtaining price of their minerals on the international market.”

Cde Chidhakwa goes on to say that countries within and across the African continent has to unite and say no to paltry prices being determined by non-producing countries.

Last year raw diamonds raked in US$24 billion while after polishing and cutting US$71 billion has been realised.

This is according to information from the World Diamond Council.

 

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