MARKET OVERVIEW

World demand for stainless steel continues unabated. Its high-quality appearance, durability and corrosion-resistance makes it a globally-significant metal, with a progressively upward demand for the minerals that lend stainless steel its properties.

Of these, chromite ore is the most significant. World demand is estimated at between 12 and 17 tonnes per annum and closely reflects that of stainless steel consumption, which is projected to grow at 4.2% per annum.

Thanks to several strategic advantages, African Chrome Fields is able to supply high quality chromium products to fulfil in the worldwide demand, and has grown into a regional leader in the exploration and extraction of chromite in less than three years.

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ZIMBABWEAN CHROME ENVIRONMENT

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Zimbabwe holds 19% of global chrome ore reserves and is the second largest chrome ore reserve in the world after South Africa. With the demand for chrome increasing, Zimbabwe is steadily improving its position in global supply.

Despite its immense potential, the country is hamstrung in developing capacity to fulfil in global demand. The sector is constrained by a shortage of capital and foreign investments into chromite extraction, denying the country of much-needed foreign earnings.

In order to achieve more sustainable benefits from the exploitation of its mineral resources, a major capital injection is required.

This economic imperative has encouraged the government to implement a strategy for improving opportunities for long-term investments into the sector as part of the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset). This strategy is the impetus behind promoting the chrome industry as one of the pillars for the country’s robust economic growth and development.