ZIMPLATS' Mhondoro-Ngezi-Chegutu-Zvimba Community Share Ownership Trust (CSOT) plans to venture into chrome mining next year, leveraging its existing deposits, businessdigest can reveal.
The Zimplats CSOT is the economic empowerment model of Zimplats Holdings Limited.
To enhance its capacity, Zimplats transferred shareholdings in several lateral diversification entities to the CSOT in 2023, aligning with empowerment objectives.
The trust's primary goal is to empower women, youths, and previously marginalised groups, while promoting import substitution, skills transfer, rural industrialisation, and employment.
In an interview with businessdigest, Zimplats CSOT chief executive officer Wilson Chinzou outlined several investments the trust plans to make in the coming year.
“We have entered into transportation. We have acquired cheaper trucks as well as hauling trucks,” he said.
“From the return that we are getting from this kind of investment, we are implementing community development projects.
“We want to grow our investment portfolio. We want to further invest in mining. I think next year we will be looking into chrome mining, as there are a lot of chrome deposits in possession. We are actually going to start chrome mining. We also want to expand the citrus projects.”
- Zimplats’ empowerment arm eyes chrome mining
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Zimbabwe is reportedly home to some 19% of global chrome ore reserves — the second largest in the world. Its chrome is also of a higher grade than other international sources.
These chrome deposits are mostly in the Great Dyke, Zvishavane, Shurugwi, and Mashava.
According to the Chamber of Mines of Zimbabwe, the country is set to produce 2,7 million metric tonnes of chrome this year.
Chinzou said the CSOT has 800 hectares of planted citrus, which it wanted to make use of annually.
“We also want to capacitate our project, and in terms of the communities, we want to contribute towards the rural industrialisation,” he said.
