Mines and Mining Development Deputy Minister Polite Kambamura said the Ministry will initiate a policy that suspends the export of scrap metal to support local businesses.
Scrap metals are used metals that are an important source of industrial metals and alloys, particularly in the production of steel, copper, lead, aluminium, and zinc.
Reports indicate that Zimbabwe has lost an estimated US$5 billion worth of scrap material through illegal scrap metal exports to neighbouring countries in the last 20 years.
Addressing delegates at the Zimbabwe Metal Casting Indaba recently, Kambamura said they will take to Cabinet some of the issues raised at the meeting. He said:
We are not only going to suspend the export of scrap but also we are going to discuss with ferrochrome producers, we have five smelters that are operational in the country.
We are also going to discuss with coke producers so that there is a quota which is left for local beneficiation and the local industry.
We did that in the diamond sector and that led to the coming up of companies like Aurex Jewellery which does beneficiation of diamonds.
So, we are going to bring that to Cabinet and see that the policy is communicated to the producers for the benefit of you guys…
We are going to implement what we have agreed here and set it in motion so that we revive the country’s foundry industry and enhance its contribution to various sectors of the economy.
On the issue of the prices, Kambamura said they will engage the Mineral Marketing Corporation of Zimbabwe (MMCZ) so that they could form a commodity exchange counter which will regulate the prices of scrap metal.