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Dosman Mangisi Mining Correspondent
INDUSTRY and Commerce Minister Mike Bimha says ferrochrome industry players should utilise the lifting of the ban on raw chrome exports to stabilise their operations and recapitalise. He told Business Chronicle in Gweru that the chrome sub sector needs to embrace innovation to move from smelting to refinery. “We urge ferrochrome industrial players to utilise the lifting of the ban on exporting raw chrome and to capitalise on innovations in the sector.
“We’re aware that metal prices are falling on the global market but that’s not permanent, they’ll rise again because it has been always like that. We urge players to move into the next stage of refining,” said Bimha. The minister said innovation was a vital component of the government’s blue-print, Zim-Asset, under the value addition and beneficiation thrust.
“Already we’ve a keen interested player who wants to invest in the stainless steel industry but I’m not at liberty to mention the investor. “Industrial players must put into use chrome ore mined by small-scale miners because as government we’re not going back on the value addition of raw minerals,” he said.
The government lifted the ban on raw chrome exports in June, opening the defunct sub sector after it banned the export of the mineral in 2011. There are 12 registered smelters of ferrochrome in the country and only two big players Zimasco and Afrochine had remained operational while some stopped operations citing the cost of smelting the mineral.
The government has since reduced power tariffs from $0,80/KW to $0,067/KW to promote value addition of ferrochrome. “The hardships we’ve gone through have taught us to be creative in doing business as a country and also promote innovation. From our visits across the continent there is a very bright future of investment in Zimbabwe and this is an assurance to all keen to do business here,” said Bimha.
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