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Great Dyke Investments granted tax exemption

GREAT Dyke Investments (GDI), which is developing a platinum mining project in Darwendale, Mashonaland West province has been granted a five-year tax exemption by the Government.

The mining entity is a joint venture between Russia’s Vi Holdings and Zimbabwe’s Landela Mining Venture (Pvt) Limited and is investing US$3 billion into the platinum project.

According to a Government Gazette Extraordinary dated January 27, 2021, Finance and Economic Development Minister Professor Mthuli Ncube granted the exemption in terms of the Income Tax Act (Chapter 23:06).

“This notice may be cited as the Income Tax (exemption from income tax) (Great Dyke Investments (Private) Limited notice, 2021.

“The notice is deemed to have come into effect from the 1st of January, 2020.

“The receipts and accruals of Great Dyke Investments (Private) Limited, as per the Special Mining Lease Agreement signed between the Government of Zimbabwe and Great Dyke Investments (Private) Limited are approved,” reads part of the notice.

Under the first phase, GDI is expected to develop two mines, a concentrator, engineering workshops, storerooms, staff change rooms, portal offices and fuel storage. Chronicle

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