Zimplats has expressed concerns over the future of export regulations in Zimbabwe after its increasingly stricken economy was dollarised, Zim Online reports today (6th February).

It was confirmed last week that Acting Finance Minister Patrick Chinamasa had made the dollar and a number of other currencies legal tender as the country struggles to prevent its crisis deepening further.

Now the company, which is the largest platinum miner in Zimbabwe, has explained that the government may look to target exporters as a means of generating much-needed extra cash.

A section of Zimplats' quarterly report to the end of December 2008, quoted by the news provider, read: "Whilst this (dollarisation) will be welcomed by most people in the country, particularly the working class, there are strong fears regarding the government's ability to raise hard currency to fund the budget.

"Ultimately the government may be forced to implement unfavourable policies on exporters to raise hard currency that in the end may make it difficult to operate the business viably."

The miner added that the delicate political situation dictates that shareholders should exact "extreme caution in their share dealings".

Zimplats is owned by South African firm Impala Platinum, which is the world's second-largest producer of the precious metal.

Source:

Zimplats warns of unfavourable policies against exporters (06/02/09)
http://www.zimonline.co.za/Article.aspx?ArticleId=4214