Zimbabwe has exported 60 000 tons of chrome valued at US$10 million since the lifting of a ban on raw exports of the commodity in June 2015.
The data shows depressed global prices of the commodity have eroded earnings with calls to formulate a strategy towards refining the mineral within the country.
According to the information from the Ministry of Mines and Mining Development, the Asian market is the key destination of Zimbabwe’s chrome exports, accounting for more than 60 percent.
The Ministry of Mines and Mining Development also indicated that more than six smelting companies have also been granted permits by the government to export chrome ore.
The government lifted the four-year ban on chrome exports in June 2015 to improve foreign exchange inflows as well as enhancing the capacity of small-scale miners within the sector.
Apart from lifting the export ban, the government also lifted a 20 percent tax on raw chrome exports but the royalties were increased from two percent to five percent.
A special purpose vehicle comprising the Ministry of Mines and Mining Development, Reserve Bank of Zimbabwe (RBZ), Zimbabwe Revenue Authority (ZIMRA), Minerals Marketing Corporation of Zimbabwe has been established to regulate and monitor the mining and export of chrome.
The chrome mining industry is being rendered critical especially at this time when the mining industry is expected to play an important role in terms of its contributions to economy development.
