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Reserve Bank of Zimbabwe

Michael Tome Business Reporter
SMALL-scale chrome miners who exported through Applebridge Private Limited are set to benefit from the Reserve Bank of Zimbabwe’s five percent export incentive.

Speaking at the chrome miners’ indaba held in Chinhoyi on Tuesday, Minerals Marketing Corporation of Zimbabwe deputy general manager Masimba Chandavengerwa revealed that Applebridge was in the process of compiling names of miners eligible to receive the incentive.

“We are currently compiling names of producers that exported through Applebridge. “They should benefit from the five percent export incentive as indicated by RBZ. Once the list is done we will start disbursing the incentive to the beneficiaries,” said Mr Chandavengerwa.

Chrome exports shot up to 75 000 tonnes in 2016 from 5 000 in 2015 after Government lifted the ban on export of chrome ore. The ban was lifted in June 2015. About 49 000 tonnes had been exported by May this year. On production, Mr Chandavengerwa said the value addition thrust remains a top priority and chrome producers must fulfil local chrome requirements before exporting.

“We belong to the value addition and beneficiation cluster in ZimAsset and chrome ore producers are allowed to export excess chrome ore only after satisfying demand of local smelters,” he said.

He also pleaded with small scale miners to own up to their contractual agreements and stop side marketing of chrome that would have been produced through pre-financing by buyers. The MMCZ highlighted the need for small scale miners to abide by chrome quality requirements so as to make buyers commit to Zimbabwe as a preferred chrome ore producer.

The chrome mining sector is considered a low hanging fruit that is capable of significantly contributing to the resuscitation of the country’s economy if properly managed.

In recent times, chrome ore market price peaked to around $390 per tonne by the end of December 2016 and currently trading levels have since plummeted by 65 percent.