Zimbabwe Government Amends Proposed Royalty and Tax Regimes for Gold Miners

The Zimbabwe Minister of Finance announced changes to the proposed 2026 National Budget affecting gold miners. Key amendments include: the increased royalty rate of 10% will only apply if the gold price exceeds $5,000 per ounce (up from $2,500), the proposed change to spread capital expenditure deductions over the project life has been withdrawn (maintaining 100% upfront deduction), and the proposed 15% withholding tax on offshore loans has been withdrawn. These revised proposals, awaiting parliamentary ratification, are expected to have no negative impact on Caledonia Mining Corporation Plc's financial outlook, provided the gold price remains below $5,000 per ounce. Caledonia's CEO, Mark Learmonth, welcomed the changes, viewing them as a demonstration of the Zimbabwean government's support for the mining sector.