GOVERNMENT envisions the production of at least 2 million tonnes of carbon and stainless steel, of which ferrochrome — one of the key ingredients — is produced locally.
The move is in tandem with Government’s Vision 2030 of creating an upper middle income economy.
This was revealed by Mines and Mining Development Minister Winston Chitando in his address during the 35th International Chrome Development Association (ICDA) conference in Victoria Falls on Wednesday.
“In line with the Zimbabwean Government’s vision for the country to achieve middle class economy by 2030, Zimbabwe has a clear vision of seeing at least 2 million tonnes of carbon and stainless steel, of which one of the key ingredients is ferrochrome, being produced in the country within the next few years,” said Minister Chitando.
“With approximately 12 percent of the global chromite resources and its chrome ore and ferrochrome production currently contributing just around 2,5 percent to global ferrochrome and about 4 percent to chrome ore output, the Zimbabwean chrome ore industry has significant potential to grow in leaps and bounds.
“The country has excellent geology, comparable to that of leading mining economies and has unique and highly prospective geological environments.”
Zimbabwe hosts 12 percent of the world’s chromium reserves, lagging behind South Africa which accounts for 72 percent of global reserves.
Information at the Ministry of Mines and Mining Development shows that local chrome resources occur in three forms; stratiform (hard rock hosted resource), podiform (hard rock hosted resource) and eluvials, which largely occur in low lying areas around the Great Dyke.
Minister Chitando told the more than 200 international chromium and mining delegates that it was critical for them to consider investing in Zimbabwe.
He said Zimbabwe has about 60 minerals whose commercial profitability has been proven at one point or another.
Minister Chitando also highlighted Zimbabwe’s competitiveness on the investment front, saying some of the world’s leading mining investors that include Impala Platinum, Anglo American, Rio Zim, Sibanye, Caledonia Mining Corporation, are already in the country.
Last year, the county generated US$3,2 billion from mineral exports.
Zimbabwe is targeting mineral exports of up to US$12 billion per year by 2023 as a precursor to Vision 2030 by which Zimbabwe should be an upper middle income earning economy as set by President Mnangagwa.
For this to be achieved, the Ministry of Mines and Mining Development ministry has set a target to put all the country’s mineral assets into use as well as utilising virgin assets.