Source: Chrome volumes up 92 percent | The Financial Gazette March 15, 2018
CHROME ore volumes rose by 92 percent to 122 010 metric tonnes (mt) last year, from 63 394 mt in 2016, statistics from the Minerals Marketing Corporation of Zimbabwe (MMCZ) show.
MMCZ did not say what drove volumes up, but there have been significant ramp ups in chrome mines since government lifted a ban on chrome ore exports made in 2011.
The chrome ore ban was lifted about two years ago.
MMCZ said revenues from the industry rose 136 percent to $13,2 million last year, from $5,6 million the previous year, with output from high carbon ferrochrome also rising.
“High carbon ferrochrome grew in tonnage by 121 percent from the 2016 figure of 148 482 mt to 328 386 mt in 2017,” MMCZ said.
“This translated to an increase in value of 184 percent from the 2016 sales valued at $115, 257 million to $326,795 million achieved in 2017. Chrome concentrates grew in volume terms by 156 percent with an attendant value growth of 240 percent from the 2016 sales. Lumpy chrome grew by 92 percent from 63 394 mt in 2016 to 122 010 mt in 2017, representing, in value terms, growth of 136 percent, a significant jump from $5,567 million and $13,152 million for 2016 and 2017, respectively. This positive differential growth can be attributed to the improvement in chrome price movements in comparison to the baseline prices of 2016,” MMCZ noted.
Two weeks ago, one of the country’s growing resource outfits, African Chrome Fields (ACF), said it had invested over $200 million at its Midlands operations in the past three years.
ACF national director, Ashruf Kaka, told delegates at a recent mining investment conference that the firm had created 1 200 jobs in the country.
A further 5 500 people had indirectly benefited from the project, he said.
The resources firm, which invested in Zimbabwe three years ago, said it entered the country during the most difficult time for investors, when the rule of law was undermined by policies of the previous government.