7 February 2018

Zimbabwe: ACF Injects U.S.$220 Million to Chrome Mining

Cape Town — AFRICAN Chrome Fields (ACF), a key investor in Zimbabwe's mining industry, has spent over US$220 million in the country, underlining its belief it could reach its potential as an economic powerhouse under a new administration.The South African-based company, which is involved in the mining and beneficiation of chrome in the mineral-rich Midlands Province of Zimbabwe, is on course to reach targets of 60 000 tonnes of chromite a month.

Ashruf Kaka, the ACF National Project Director, pointed out Zimbabwe was endowed with more than 60 different minerals, including diamonds, iron, gold, platinum, nickel, coal and chromium.

The Southern African country houses more than half the world's chromium reserves and the second-largest platinum reserves.

"This creates myriad investment opportunities - especially in the mining sector," Kaka said.

Awarded National Project Status by the Zimbabwean Government in 2015, the company recently commissioned state-of-the-art, German engineered, chrome ore-processing wash plants and support infrastructure.

Kaka said there were already signs the international community had confidence in the new government of Emmerson Mnangagwa .

"It has hardly been two months after the leadership change in Zimbabwe but already some potential investors are queuing up, showing their confidence in Mnangagwa and his team," Kaka said.

Recently, President Emmerson Mnangagwa told a joint sitting of the country's two houses of parliament, that the government was committed to opening Zimbabwe to investment by building "a free and transparent economy that benefited Zimbabweans and was welcoming to outsiders."

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