SEATTLE (Scrap Monster) – The Mines and Mining Development Ministry under the Zimbabwean government plans to suspend exports of scrap metals from the country. The move is aimed at supporting local businesses and addressing the shortage of material by scrap-consuming domestic industries.
According to Polite Kambamura, Mines and Mining Development Deputy Minister, the country is estimated to have lost nearly $5 billion worth of scrap materials through illegal exports to neighbouring countries during the past two decades. Addressing delegates at the Zimbabwe Metal Casting Indaba, the issue will be discussed with ferrochrome and coke producers in the country to decide upon a quota system that will benefit the local manufacturing industry.
The issues will be presented before the Cabinet so as to formulate necessary policies for the benefit of the industry. Such a move would revive the country’s foundry industry and enhance its contribution to various sectors of the economy. The Ministry will set up a commodity exchange counter in cooperation with the Mineral Marketing Corporation of Zimbabwe (MMCZ), which in turn will help regulate scrap metal prices.