Zimbabwe rakes in over $40 million from Chrome ore exports

by / Thursday, 13 July 2017 / Published in Uncategorized

Zimbabwe holds the world’s second-largest chrome ore reserves after South Africa. As at end of June 2017, the country has exported 232,367.89 metric tonnes of chrome ore valued at $41.781 million. MMCZ believes that the projected target for chrome export can be achieved if measures are put in place to ensure that small-scale chrome ore producers are supported.
The current situation of the chrome ore market, where prices have been tumbling, has created a new dilemma for Zimbabwe’s small-scale miners, who have no money, equipment, storage facilities and the technical expertise required to preserve the accumulating stockpiles. To assist the producers, an appeal has been made to Government to capitalise Apple Bridge Investments to the tune of $10-million in loan funds, to buy up all the chrome ore held by the miners and stockpile it for export only when the commodity’s market and prices stabilise. It is expected that the chrome market and prices will start stabilising in the next five to six months.