Zimasco secures export licence

25 Aug, 2016 - 00:08 0 Views
Zimasco secures export licence Zimasco

The Herald

Business Reporter

Zimbabwe’s largest ferrochrome producer, Zimasco has secured an export licence after fulfilling Government’s condition to cede 50 percent of chrome claims. Government last year announced that it will only issue chrome ore export licences on condition that big ferrochrome miners, Zimasco and Zim Alloys cede some of their underutilised mining claims.Zimasco has since ceded 50 percent of chrome claims to Government as part of its turnaround strategy leading to the awarding of an export licence earlier this month.

The miner has also been given $4 million treasury bills owed to it by the Reserve Bank of Zimbabwe under the Debt Assumption Bill, according to Judicial manager Reggie Saruchera of Grant Thornton Camelsa.

“Ever since I was appointed as the judicial manager for Zimasco I held several discussions with the Ministry of Mines and Mining Development and the governor of the Reserve Bank of Zimbabwe Dr John Mangudya on the prospects of the company getting an export permit. I am glad to announce that we secured an export permit for 240 000mt per annum.

“I further held discussions with the RBZ on the release of the $4 million Treasury Bills owed to Zimasco under the Debt Assumption Bill. The TB’s are, however, yet to be obtained,” said Mr Saruchera while giving an update at the company’s creditors meeting yesterday.

He said successful discussions have also been held with the Environmental Management Agency resulting in the release of Environmental Impact Assessments certificates for Impinge, Lalapanzi (North and South) and South of Shurugwi.

There had been issues raised with the regards to environmental pollution of communities by the ferrochrome giant but Mr Saruchera highlighted that all the issues have since been settled with the environmental regulator.

Zimasco is a unit of China’s Sinosteel Corporation.

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