Zimbabwe has exported US$2 million worth of chrome since November 2015
VICTORIA FALLS– Zimbabwe has exported 28 840 tonnes of chrome valued at US$2 million since lifting the ban on the exportation of raw chrome in June 2015.
In his keynote address at the 77th Chamber of Mines Annual General Meeting and Conference in Victoria Falls Deputy Minister for Ministry of Mining and Mining Development Fred Moyo said to date six smelting companies have been granted licences to export chrome ore.
“To date 28 840 tonnes have been exported at a value of US $2 040 540.Under this framework local chrome smelting companies are allowed to export raw chrome provided their installed capacities,” he said.
Moyo said Apple Bridge Investments has since started facilitating chrome ore exports under this facility with shipments having commenced in November 2015 following the repeal of the 20% chrome non beneficiation levy by treasury.
In addition to lifting of the ban, government also reviewed royalty fees for chrome ore to 5% from 2% while the export tax of 20% was removed.
Meanwhile Government has started the process of establishing a computerised Mining Cadastre for the management of the entire mining industry throughout the value chain that is from licensing, actual projects implementation and marketing including accounting of production by all mining and mineral entities.
Moyo said a successful mining industry is one that is supported by a computerized Management Information System.
“Such an MIS will facilitate appropriate planning, coordination, communication, control and decision making in the Ministry’s efforts to manage the country’s mineral resources. Such a system will result in the modernisation of the mining title management system in line with regional and international best practices to provide for a faster and more efficient system which also offers security of tenure to investors,” he said.
Moyo said currently consultations are being done with the consultant hired for the job and work is being done to ensure that the Cadastre Mining Title Management System becomes operational as soon as possible.
As the country migrates from the old system to the computerised Cadastre system, Moyo said there will be challenges of disputes due to overlapping of mining titles arising out of inherent inaccuracies.
“Transitional measures will be put in place to address these challenges. Information will be required from mining title holders to ensure that the transition is smooth,” he said.
Moyo therefore said the mining sector must strategize on how local companies can be capacitated to produce locally competitive goods and services.
Concerning tax in the mining industry Moyo said the Government is in the process of crafting a new mining fiscal regime that is meant to usher in transparency and competitive rates of taxes to support both the fiscus as well as attract investments. –FinX
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