Chrome ores to be traded through the MMCZ

07 Dec, 2022 - 12:12 0 Views
Chrome ores to be traded through the MMCZ Minister Monica Mutsvangwa

The Sunday News

Judith Phiri, Business Reporter

THE Government has endorsed a policy change directing all chrome ores to be traded through the Minerals Marketing Corporation of Zimbabwe (MMCZ).

This comes as MMCZ started regulating domestic chrome ore sales in September following an outcry from the miners over low prices.

The aim of the intervention is to deal with challenges facing chrome miners across the country. Local smelters have been buying chrome from local miners at low economic prices, which is making it difficult for miners to remain operational.

Zimbabwe banned exports of raw chrome in July last year in a bid to push companies to invest in beneficiation facilities.

The country holds the world’s second-largest reserves of high-grade chromium ore after South Africa, with deposits of about 10 billion tonnes, equivalent to around 12 percent of the global total, according to the Ministry of Mines and Mining Development.

In a post-Cabinet briefing on Tuesday, Information, Publicity and Broadcasting Services Senator Minister Monica Mutsvangwa said Cabinet agreed to a policy change whereby all chrome ore will be traded through the MMCZ.

“The MMCZ, through a Chrome Ores Coordination Committee, will set quarterly prices of chrome ore which miners and traders will trade at. The Committee will comprise representatives of Smelters and the Chrome Small-Scale Miners Association.” MMCZ is on record stating that it intends to cancel the exemption for chrome ore, both lumpy and concentrates on domestic sales in line with the Statutory Instrument (SI) 111 of 1983 – Minerals Marketing Corporation of Zimbabwe (Exemption) Regulation 1983 Section 6.

According to Section 3 of the aforementioned SI, the Corporation had exempted local chrome sales. However, given the difficulties that chrome miners are facing with local buyers, MMCZ intends to cancel the exemption.

MMCZ has assured all stakeholders that the corporation is working to establish the necessary infrastructure and modalities to bring domestic sales under its purview for the benefit of all parties involved in the trading of chrome ore.

 

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