Chrome mining industry earnings up 300 per cent

Story by Stanley James, Business Editor

The Second Republic’s favourable investment policies have seen chrome earnings rise by over 300 per cent from US$430 million in 2017 to more than US$1 billion in 2022.

The move has also been aided by President Emmerson Mnangagwa’s Zimbabwe is Open for Business mantra which has created a platform to boost investor confidence.

With assurance from authorities that Zimbabwe is a safe haven for global capital, the country is witnessing huge investments in the chrome mining value chain.

In its latest report on the state of the chrome industry, the Ministry of Mines and Mining Development states that over US$1,7 billion have been earned by the chrome mining sector compared to around US$430 million in 2017.

The trend has been cemented by a massive uptake of projects that have also created over 5 000 jobs in the entire chrome value chain.          

The report also notes that the ban on raw chrome ore exports has spurred 12 mining companies to set up smelting projects.  

Chrome mining firms which have embarked on an expansion drive include AfroChine, Zimasco, Zim Alloys, San He Mining, China Zim and Jin An Corporation.

Others are Amazon Minerals, Jin Yi, Monachrome, Trove Smelting, Nelson Holdings and Zimbabwe Zhongxin Smelting Company.

Under the envisaged US$12 billion mining industry, the chrome mining sector is expected to contribute significantly in terms of project developments.       

Surging global prices of the commodity have also presented an opportunity for the chrome mining sector to ramp up production.            

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