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ZIMBABWE has exported 60 000 tonnes of chrome valued at $10 million since the lifting of a ban on raw exports of the commodity in June 2015.

Depressed global prices of the commodity have recently eroded earnings with calls to formulate a strategy towards refining the mineral within the country, ZBCtv reported.

According to the information from the Ministry of Mines and Mining Development, the Asian market is the key destination of Zimbabwe’s chrome exports, accounting for more than 60 percent. The Ministry of Mines has also indicated that more than six smelting companies have been granted permits by the Government to export chrome ore.

The Government lifted the four year ban on chrome exports in June 2015 to improve foreign exchange inflows as well as enhancing the capacity of small scale miners within the sector.

At the time of lifting of the ban Zimbabwe was said to have a 500 000-tonne stockpile of chrome.

A few weeks ago Mines and Mining Development Minister Walter Chidhakwa reported that Government had secured 22 000 hectares from Zimasco and that an additional 20 000 hectares would be secured from ZimAlloys to be allocated to new players.

“The prices of chrome have increased significantly over the last three months and we want to allow our people to go in a serious way into chrome production,” said Minister Chidhakwa. He said improved operations would be enhanced by the proposed Mines and Minerals Act, which is being crafted. The new legislation would give the ministry “power to repossess all ground that is under the control or custody of large mines and it is not being used”.

Apart from lifting the export ban, the Government also lifted a 20 percent tax on raw chrome exports but the royalties were increased from two percent to five percent.

A special purpose vehicle comprising the Ministry of Mines and Mining Development, Reserve Bank of Zimbabwe, Zimbabwe Revenue Authority and Minerals Marketing Corporation of Zimbabwe has been established to regulate and monitor the mining and export of chrome.  — ZBCtv/Business Chronicle