Export threshold on chrome to be reviewed
GOVERNMENT will consider reviewing the 30 million tonnes export threshold for chrome once the Mines and Minerals Amendment Bill is passed into law.
According to the draft Mines and Minerals Amendment Bill minerals, chrome is among 18 minerals classified under strategic minerals which will have unique conditions attached to their exploration, ownership, exploitation, marketing and development.
Mines and Mineral Development deputy minister Fred Moyo said the current threshold remain in effect until the amended bill is signed into law.
“The 30 million export threshold for chrome remains in effect, but in line with the thrust of the amended legislation, we will come up with different policy directions for each mineral and the threshold is no exception,” he said.
Government last year lifted the ban on the export of chrome ore to allow for the export of up to 30 million tonnes of chrome ore over and above the export of processed ferrochrome. In addition to that, it also reviewed royalty fees for chrome ore to 5% from 2% while the export tax of 20% was removed.
Government further established a Special Purpose Vehicle under the Minerals and Marketing Corporation of Zimbabwe (MMCZ) which monitors the exports in collaboration with the RBZ and ZIMRA.
According to Moyo, as at January this year over 40 000 metric tonnes of chrome ore export permits had been approved since lifting of the ban.
Projections are that by June this year, at least 80 000 metric tonnes of chrome ore will have been exported to strategic markets.
Meanwhile, Zimasco, has ceded 50% of its chrome claims to the Government to enable new investors to explore the chrome mining sector. Zimasco had 45 900 hectares and following Government’s directive to release claims, it ceded 22 700 hectares. FinX
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