Zimbabwe to Increase Export Duty of Chrome to 15 Percent

It is reported that Zimbabwe's government has planned to increase the export duty of chrome to 15% to build the internal refinery capacity.

It is known that Zimbabwe and South Africa owns around 90% of the world's chromite reserves. Thus, it is said that the new rule would affect the exports to China and South Africa.

Meanwhile, there are three major ferrochrome miners in Zimbabwe, including Zimbabwe Alloys and Zimasco. It's known that Zimasco has decided to pour USD 300 million to increase the output in the second half of 2011 and set up a new smelter.

Also, the country has three smelters which have the capacity to handle 1.5 million tonnes of chrome.