Zim rakes in $270m from chrome exports

ZIMBABWE has generated over $270 million from 286 000 tonnes of chrome ore exported through a toll arrangement between May and October.

In an interview, Zimbabwe Miners’ Federation spokesperson Mr Dosman Mangisi said the country was expected to generate more money considering the fact that there were thousands of tonnes of chrome ore which is still to be paid for.

“From May to October we moved a total of 268 752, 70 tonnes of chrome and the country generated $272 366 043.”

He said the main producers were Afrochine Smelting, Jin An Corporation, Jin Yi Enterprises, Maranatha, Nelson Holdings, Niarchos Investments, Oliken, Patkinson, Wel Mining, Zimalloys and Zimasco.

Mr Mangisi said in May, the country realised $33 026 750,92 from 31 710,40 tonnes.

“In June we exported 19 115,45 tonnes and realised $19 486 574,19, in July we sold 25 894 tonnes for $16 539 195,49. In August we realised $23 786 223,51 from 28 986,14 tonnes while in September the country generated $44 706 928,11 from selling 47 233,51 tonnes of chrome ore and in October $21 324 178,01 was realised from 20 049,69 tonnes,” he said.

In June 2011, the Government lifted the ban on chrome ore exports of up to 30 million tonnes to enable the sector to mobilise financial resources as well as investment in technology.

The Government also removed the 20 percent export tax to allow chrome ore producers to generate income to increase smelting capacity. Power tariffs for the chrome sector were reviewed downwards to 6,7 cents per kilowatt hour from 8 cents.