Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

UPDATE 1-Zimbabwe bans chrome exports, to boost refining

Published 04/19/2011, 08:20 AM
Updated 04/19/2011, 08:24 AM

* Ban to hit exports to China, South Africa

* Zimbabwe exports 600,000 tonnes in 18 months to April

* Ban to help build internal refining capacity

(Adds background, quotes, details)

HARARE, April 19 (Reuters) - Zimbabwe has banned the export of chrome from Wednesday as it looks to build internal refinery capacity, the Ministry of Mines and Mining Development said on Tuesday.

Zimbabwe, along with South Africa, holds about 90 percent of the world's chromite reserves and resources, according to the U.S. Geological Survey, and the ban will affect exports to China and South Africa.

There are three large-scale ferrochrome miners in Zimbabwe, including Zimbabwe Alloys and Zimasco, which is owned by China's Sinosteel. Zimasco recently told state media it planned a $300 million investment in the second half of 2011 to ramp up output and build a new smelter.

Zimbabwe already has three smelters that have the capacity to handle 1.5 million tonnes of chrome.

The ministry in November 2009 allowed the export of chrome for another 18 months, a period which will expire on Wednesday.

"We wish to advise all exporters of lumpy chrome that with effect from this date, no more exports of shall be entertained", the ministry said in a notice published in the local newspapers.

Zimbabwe exported 600,000 tonnes of chrome in the 18 months from November 2009, mostly to China and South Africa, according to official figures.

(Reporting By Alfonce Mbizwo; Editing by Ed Stoddard and Jane Baird)

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.