UK-based chrome-mining com-
pany Chromex Mining is to 
acquire 49% of Zimbabwe mining firm Falvect Mining.

“The investment in Falvect is in line with our strategy of building a broad portfolio of chrome and related mineral assets across Southern Africa,” says Chromex CEO Russell Lamming.

“The timing of the acquisition is linked to the lifting of the Zimbabwean ban on exports of chrome ore and fines, effective November 1, 2009, and will, hopefully, allow us to expand our production capabilities going 
forward.”

The Aim-listed, Southern Africa-focused firm says it will have rights to codevelop all Falvect chrome concessions in the Shurugwi area and tributes in the Ngezi area.

Chromex will also market all the chrome products from those operations.

In return, the company will provide working capital for Falvect and funding for the development of current projects and any additional acquisitions in Zimbabwe, which is host to significant high-grade chrome-ore deposits.

The Zimbabwe government banned the exportation of raw chrome last year.

Lamming says that, in spite of the challenging chrome market, Chromex has continued to invest in its operations and has a producing mine and an operational benefication plant.

“Our aim is to continue to build our business, expand our port-
folio and generate value for shareholders going forward,” he 
says.

Chromex currently has two mining assets located on the Bushveld Complex, in South Africa, which, between them, have total resources of about 41-million tons of chromite.

In Zimbabwe, chrome-mining is undertaken in Shurugwi, Mutorashanga, Lalapanzi and Guinea Fowl, with smelting being undertaken in Kwekwe.

Foreign investors are showing increasing interest in Zimbabwe’s mining sector. 
This follows the successful hosting of the Mining Indaba by the Ministry of Mines and Mining Development earlier this year.

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