adminThe company this year secured a $60 million loan from the Global Emerging Markets (GEM) to finance furnace rebuilding and to retire debts.
Smelting capacity at ZimAlloys is currently limited to one small furnace, resulting in stockpiling of chrome ore, including from small scale miners who are stuck with huge stocks after the government banned raw exports.
Mr Chirasha said the funds would assist in resuscitating equipment that was not working.
“We are hoping in the next two to three months the funds will be available and soon after we refurbish three of our furnaces.”
“Currently we are producing around 200 000 metric tonnes of chrome per month while around 150 000 metric tonnes of metal is recovered every month” he said.
Mr Chirasha said revamping of the three furnaces would increase monthly production and revenue inflows.
“The capital injection will see us getting revenue of around $12 million per month compared to the current $1 million per three months.”
“It is a big business with big overheads which contributes immensely to the economy of the nation,” he said.
He said between 600 000 and 800 000 metric tonnes are currently being exported in every three months.
The mining firm resumed operations this year after shutting down in 2008 due to high production costs as a result of the hyperinflationary environment. — New Ziana.
Online Reporter