Zimbabwe has expressed its commitment to leverage on the abundant chrome ore resources to become a key player in the global chromium market with the country’s ferrochrome capacity expected to expand to at least 956 000 tonnes by 2022.
Zimbabwe which holds the world’s second largest chrome ore resource after South Africa estimated at around 900 million tonnes has struggled to make significant contribution to the total global production of chromite ore.
With a 5 percent contribution to global output, the country is still to realise its full potential.
The ongoing International Chromium Development Association (ICDA) Conference has presented the country with an opportunity to mark the resurgence of the sub-sector.
Mines and Mining Development Minister Winston Chitando said there are positive prospects for the sector and is bullish the country will increase ferrochrome output to around 1 million tonnes in the next three to four years.
“Zimbabwe’s mining sector presents many competitive opportunities to different needs of diverse investors and the time to invest in Zimbabwe is now,” Minister Chitando said.
ICDA president Mr Phoevos Pouroulis who hailed Zimbabwe’s fast improving investment climate said the Southern African country has all the ingredients to become a key player in the global chromium market.
“The Zimbabwe is open for business mantra is true and we continue to see some positive reforms on the local market,” he said.
The Zimbabwean government assured the investors attending the gathering of its resolve to further enhance the attractiveness of the country as a competitive investment destination.
As part of efforts to spur growth of the chromium industry, government says it is working on infrastructure modernisation, increased exploration and investment in efficient smelting technologies.
Zimbabwe which is currently contributing a mere 2.5 percent to the global ferrochrome output is currently using obsolete smelting technology with calls for investments in new technology.
The country is looking forward to making use of the high level conference which has attracted 240 delegates to attract capital and unlock the potential of the sub-sector.