Zimbabwe has revealed plans to secure a 26% free-carry stake in all new mining projects within the country.

This move is part of the government's broader strategy to boost its involvement in the profitable mining industry, which includes metals like gold, platinum, lithium, and chrome.

Zimbabwe's mining sector hosts several prominent companies, such as Zimplats Holdings, Anglo American Platinum's Unki mine, and RioZim.

The government's plan also includes negotiations with existing mining operations to acquire a similar stake in their projects, Bloomberg reports.

“We need to move to a level where we reach 26% shareholding in most of the big projects. A lot of these things would take negotiations with the investors that are on the ground,” said Zimbabwe Secretary for Mines Pfungwa Kunaka.

“Obviously, when you have decisions which were made some years back, and decisions were made on the basis of a certain framework, you cannot just willy-nilly go and change that. It takes negotiations.”

Kunaka did not disclose the minimum value of mining assets that would trigger government ownership, noting that more details would be shared at a later date. He also said that the policy would be implemented starting next year. 

In addition, Zimbabwe announced last month that it would end tax relief for mining companies beginning in January 2025.

The government's decision is designed to encourage companies to establish facilities for processing raw materials within the country.

President Emmerson Mnangagwa had previously suggested that the government's goal was to introduce incentives to promote the local processing of mining outputs.

This strategy reflects Zimbabwe's goal to maximise the economic benefits of its rich natural resources, which include the world's third-largest platinum reserves, following Russia and South Africa, the Bloomberg report goes on to add.