Investor brief · November 2026

Chrome in Zimbabwe

The world's third-largest chromite reserves, on a single 550 km dyke — where policy now routes value through domestic smelters, and clean, producing titles are worth more than idle ground.

Talk to the desk about chrome

140 Mt
Chromite reserves, world no. 3¹: USGS, Feb 2026; 2.0 Mt
Chromite ore mined¹: 2025 (USGS estimate); 433,293 t
Ferrochrome, up 19%^3,4: 2025; 14
Ferrochrome smelters operating³: May 2026; US$286.5m
HC ferrochrome sold via MMCZ⁵: 1 Jan–27 Oct 2026; 10%
Export VAT on unbeneficiated chrome¹³: From Jan 2026

Updated 3 November 2026. Market context only — not a valuation of any listing and not investment advice.

The case for chrome

World-class ore
Zimbabwe holds the world's third-largest chromite reserves, 140 Mt. North Great Dyke ore grades above 46–48% Cr₂O₃ with a chrome-to-iron ratio above 2.6.^1,20
Smelters are the market
Raw ore exports are banned, unbeneficiated chrome pays 10% export VAT, and new titles over 100 ha are tied to building furnaces. For a claim, the exit is an offtake to a domestic smelter.^3,12,13
Clean titles gain
Holders must regularise titles by 31 December 2026, and a use-it-or-lose-it mining law is expected. Prices are soft, so title quality and grade drive value.^6,9,16

Where it is

Nearly all of Zimbabwe's chrome lies in the Great Dyke, a layered intrusion about 550 km long and 3–12 km wide running north-north-east through the centre of the country. The chrome-bearing stretch from Tengenenge to Mberengwa holds about 97% of the resource and about 85% of claim holdings, in thin, continuous seams. The other 3% is podiform ore in the greenstone belts at Shurugwi, Mashava, Nhema, Chirumanzu and Mberengwa.^20,22

The Great Dyke (approximate). Approximate district centres, not claim locations.

1Guruve and Tengenenge. Start of the North Dyke chrome field, with multiple seams.
2Mutorashanga. North Dyke: the highest grades, above 46% Cr₂O₃ and Cr:Fe above 2.6, in thin, friable seams.
3Darwendale. Middle Dyke: seams about 20 cm thick at 37–40% Cr₂O₃.
4Ngezi and Selous. Middle Dyke seams of 18–24 cm, the best above 43% Cr₂O₃; Afrochine's smelter is at Selous.
5Lalapanzi. South Dyke: 35–42% Cr₂O₃, and alluvial chrome mining.
6Kwekwe and Gweru. Smelter towns: Zimasco at Kwekwe, Zimbabwe Alloys and Jinan–Xin Yu at Gweru.
7Shurugwi. Historic podiform chrome off the Dyke, now largely worked out.
8Mberengwa. Southern end of the chrome-bearing Dyke, with podiform deposits nearby.

Grades and prices

Two numbers decide what chrome ore is worth: its Cr₂O₃ grade and its chrome-to-iron ratio (Cr:Fe). A higher ratio makes a higher-chrome alloy. Zimbabwe's Great Dyke ore is known for high ratios; South Africa's lower-ratio ore makes lower-grade charge chrome.

Metallurgical grade	>46% Cr₂O₃, Cr:Fe >2.1²¹	Feed for high-carbon ferrochrome.
Chemical grade	40–46% Cr₂O₃, Cr:Fe <2.1²¹
North Dyke (Mutorashanga)	>46% Cr₂O₃, Cr:Fe >2.6²⁰	Seams about 11 cm; over 90% friable.
Middle Dyke (Darwendale)	37–40% Cr₂O₃, Cr:Fe 1.8–2.0²⁰
South Dyke (Lalapanzi)	35–42% Cr₂O₃, Cr:Fe 2.0–2.2²⁰
South African 40–42% concentrate, CIF China	US$255/t^6,7	28 Oct 2026, futures. Zimbabwean 46–52% concentrates are quoted separately, behind a paywall.
High-carbon ferrochrome, China (50% Cr basis)	CNY 7,400–7,600/t⁶	28 Oct 2026.
Ferrochrome, US average	US$1.60/lb Cr¹	2025, against US$3.19 in 2022.

Lumpy or friable: Friable ore breaks into 25–60% fines, lumpy ore into less than 15%. Most Zimbabwean furnaces cannot take fines without a sinter plant or closed furnace, so lumpy ore is easier to sell.²⁰
What to ask for: A laboratory certificate showing both Cr₂O₃ and Cr:Fe, the seam thickness, and whether the ore is lumpy or friable. Eluvial and alluvial material can run from 3% to 30% Cr₂O₃.²⁰

Who buys

Domestic smelters: The largest are Zimasco at Kwekwe (180,000 t a year), Afrochine at Selous (180,000 t, feeding Tsingshan's Manhize steel plant), Zimbabwe Alloys at Gweru (124,000 t) and Jinan–Xin Yu at Gweru (about 100,000 t).²
New and idle capacity: Palm River's complex at Beitbridge lit its first furnace in March 2025 and targeted a third for August 2026. Zimasco was running two of its eight furnaces in 2026 because of power tariffs.^3,26
Tribute grantors: Zimasco and Zimbabwe Alloys have worked with tribute miners since 1985, buying their ore at prices they set.²³
MMCZ: The state Minerals Marketing Corporation of Zimbabwe markets chrome and ferrochrome exports, runs full-assay checks on consignments and has mapped the country's wash plants.^10,24

The rules

Export ban: Raw chrome ore exports have been banned since August 2021. In February 2026 all raw mineral exports were suspended, and in May 2026 the government said the ban would extend to concentrate, without a date.^3,11,25
Export VAT: 10% on unbeneficiated chrome — ore, fines, washed ore and concentrate — from 1 January 2026, on the higher of the metals-exchange and customs value.¹³
Royalty and transfer tax: The chrome royalty is reported at 2%. Transfers of mining titles pay a 5% special capital gains tax.^14,18
Furnace rule: Chrome titles over 100 ha are tied to a commitment to build furnaces.¹²
Title deadline: Holders with outstanding obligations must regularise their titles by 31 December 2026 or lose their claims.⁹
New mining law: The Mines and Minerals Bill, gazetted in June 2025, brings a digital cadastre, beneficial-ownership disclosure and an end to keeping idle claims by paying fees alone. In July 2026 it was expected to become law before year-end.^15,16
Environment and investment: Mining needs an EIA before work starts. A ZIDA investment licence is compulsory only in reserved sectors, and the general indigenous-ownership rule was removed in 2020.^17,18,19

How deals are done

Offtake to a smelter: With raw ore exports banned, most chrome is sold to domestic smelters. An offtake agreement — price formula, grade penalties, delivery point — is what turns a claim into revenue.³
Tribute: The traditional model: a tributor mines a grantor's ground, pays the grantor a royalty (5% in the agreements studied), sells at prices the grantor sets and rehabilitates the land. About 90% of small-scale chrome miners worked under tribute in 2017.²³
Outright purchase or joint venture: Terms are rarely published. A buyer takes on the title's obligations, the 5% capital gains tax on transfer, and above 100 ha the furnace commitment.^12,18

How Munisa works chrome:

Outright purchaseJoint ventureOfftake & trading

Six ways to work with Munisa

Risks, and how the desk handles them

Risk	What we do about it
Title. The December 2026 regularisation deadline and the coming use-it-or-lose-it rules put idle or non-compliant claims at risk.^9,15	Each listing's verification tier and due diligence checklist show how far title has been checked; the desk confirms obligations are up to date before a deal closes.
Grantor–tributor disputes over who controls a claim.²⁸	We establish who holds the title and who works it, and present only claims the holder can sell.
Depleting alluvials. Q1 2026 chrome output fell 61.7% as alluvial deposits ran dry.⁸	Favour seam ground with lab grades and seam thickness; the desk asks holders for sampling, not specimens.
Power. Smelting uses 3,500–4,000 kWh per tonne, and smelters face a captive-power deadline.^3,27	We check that the offtaker has the furnace capacity and power to take the ore.
Policy and price. The ban's scope keeps shifting, and ferrochrome prices have halved since 2022.^1,3	Every brief is dated; price is discussed with the desk when a deal starts, on current terms.

Chrome on the desk (7)

Teasers only: province level, figures as reported by the holder, prices discussed with the desk. Exact locations and documents follow an NDA.

ChromeOutright sale

Registered chrome claim, Mberengwa (138 ha)

138 ha registered chrome claim in Mberengwa producing lumpy ore, with independent laboratory assays available.

Tier 1 · Documents sightedRegistered

Grade: 33.4–48.2 %
Title type: Registered claim
Size: 138 ha
Province: Midlands

Development stage: Production

MMM-CHR-M01Updated 1 week ago

View asset

ChromeOutright sale+ Joint venture

Chrome claim, Guruve — Snake Head, Great Dyke

High-grade chrome ground on the Great Dyke Snake Head sub-chamber, ~186 ha, opencast potential.

Tier 0 · UnverifiedRegistered

Grade: 40–51 %
Title type: Special grant
Size: 186 ha
Province: Mashonaland Central
Stage: Greenfield

Development stage: Exploration

MMM-CHR-G01Updated 1 week ago

View asset

ChromeOutright sale

Chrome Special Grant, Great Dyke — Mashonaland West (102 ha)

102 ha chrome Special Grant on the Great Dyke chrome belt in Mashonaland West, issued February 2026 and valid to February 2028. Certificate sighted by the desk.

Tier 1 · Documents sightedRegistered

Title type: Special grant
Size: 102 ha
Province: Mashonaland West
Stage: Greenfield

Development stage: Prospect

DR-04Updated 1 week ago

View asset

ChromeOutright sale

Chrome blocks portfolio, Great Dyke — Mutorashanga (8 blocks, 243 ha)

A portfolio of eight chrome blocks totalling about 243 ha on the Great Dyke near Mutorashanga, Mashonaland West, offered together for outright sale.

Tier 0 · Unverified

Size: 242.7 ha
Blocks: 8 blocks
Province: Mashonaland West

Development stage: Prospect

DR-03Updated 1 week ago

View asset

ChromeOutright sale

Registered Chrome claim, Guruve

Registered chrome claim of 150 ha in Mashonaland Central, offered for outright sale.

Tier 2 · Desk verifiedRegistered

Title type: Registered claim
Size: 150 ha
Province: Mashonaland Central

Development stage: Exploration

MDR-D3802Updated 3 months ago

View asset

ChromeOutright sale+ Joint venture

Chrome claim, Guruve — Snake Head, Great Dyke

High-grade chrome Special Grant on the Great Dyke, ~205 ha. Surface samples grade 40–51% Cr2O3, Cr:Fe ~2.5–3.

Tier 1 · Documents sightedRegistered

Grade: 40–51 %
Title type: Special grant
Size: 205 ha
Province: Mashonaland Central
Stage: Greenfield

Development stage: Exploration

MMM-CHR-G02Updated 3 months ago

View asset

ChromeOutright sale+ Joint venture

Chrome claim, Guruve — Snake Head, Great Dyke

High-grade chrome Special Grant on the Great Dyke, ~200 ha. Surface samples grade 40–51% Cr2O3, opencast potential.

Tier 1 · Documents sightedRegistered

Grade: 40–51 %
Title type: Special grant
Size: 200 ha
Province: Mashonaland Central
Stage: Greenfield

Development stage: Exploration

MMM-CHR-G03Updated 3 months ago

View asset

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Sources and notes

[1]USGS, Mineral Commodity Summaries 2026: Chromium, February 2026. pubs.usgs.gov
[2]USGS, 2024 Minerals Yearbook: Zimbabwe, August 2026. pubs.usgs.gov
[3]OPIS, Zimbabwe to expand export ban to chrome concentrate, 4 May 2026. opis.com
[4]Mining Zimbabwe, Zimbabwe targets US$15.8 billion ferrochrome market, declares raw chrome exports obsolete, 16 April 2026. miningzimbabwe.com
[5]SMM, Zimbabwe's HC ferrochrome sales reach US$286.54 million in first ten months of 2026, 3 November 2026. news.metal.com
[6]SMM, Chromium daily review, 28 October 2026. news.metal.com
[7]Mysteel, Seaborne chrome ore offering prices, CIF Tianjin port, 22 October 2026. mysteel.net
[8]SMM, Zimbabwe's Q1 chrome output falls 61% as alluvial deposits run dry, 26 August 2026. news.metal.com
[9]SMM, Chrome and ferrochrome earned Zimbabwe $221.8m in H1 as mining title deadline nears, 8 October 2026. news.metal.com
[10]SMM, Zimbabwe tightens chrome export controls as 13 mineral leakage cases reach courts, 9 October 2026. news.metal.com
[11]Al Jazeera, Zimbabwe imposes ban on exports of all raw minerals and lithium concentrate, 25 February 2026. aljazeera.com
[12]SMM, Zimbabwe earmarks chrome-producing regions for dedicated ferrochrome hubs, 5 August 2026. news.metal.com
[13]Muvingi & Mugadza, Mining tax and regulatory updates in Zimbabwe (2026), 5 January 2026. mmmlawfirm.co.zw
[14]Lucent, Tax treatment of mining royalties in Zimbabwe, 29 April 2026. lucent.co.zw
[15]Muvingi & Mugadza, Overview of the provisions of the Mines and Minerals Bill, 2025, 6 August 2025. mmmlawfirm.co.zw
[16]Financial Gazette, Government tying up mining legislation changes, 30 July 2026. fingaz.co.zw
[17]Business Times, Understanding EIAs' legal framework, 17 March 2022. businesstimes.co.zw
[18]Chambers and Partners, Investing in 2026: Zimbabwe — trends and developments, 20 January 2026. practiceguides.chambers.com
[19]US International Trade Administration, Zimbabwe Investment Climate Statement, 26 March 2026. trade.gov
[20]SAIMM Zimbabwe branch (F. Makwara), Chromite geology of Zimbabwe and related mining challenges, August 2017. saimm.co.za
[21]J. Chirasha, Zimbabwe Alloys (SAIMM Pyrometallurgy), Ferrochrome smelting and smelting capacity investment in Zimbabwe, 2011. pyro.co.za
[22]Wikipedia, Great Dyke, and district town articles, accessed 3 November 2026. en.wikipedia.org
[23]International Development Policy (J. Mujere), Chromite mining cooperatives, tribute mining contracts and the state in Zimbabwe, May 2023. journals.openedition.org
[24]MMCZ, Monitoring tightens grip as chrome risks persist in Q4 2025, 17 February 2026. mmcz.co.zw
[25]Fastmarkets, Zimbabwe chrome ore export ban boosts competitors, 12 August 2021. fastmarkets.com
[26]SMM, Zimbabwe's Palm River ferrochrome complex nears full operational status, 11 August 2026. news.metal.com
[27]SMM, Zimbabwe's ferrochrome smelters race against 2026 captive power deadline, 14 August 2026. news.metal.com
[28]Great Dyke News 24, Local chrome miners protest as Zimasco hands over claims to Chinese investors, 12 September 2024. greatdykenews24.co.zw

What we could not pin down

2024 ore output: the USGS Minerals Yearbook gives 2,000,920 t; the USGS Mineral Commodity Summaries give 1.6 Mt.
433,293 t of ferrochrome in 2025 is called production by one source and exports by another.
The smelter count varies by source: 14 operating, 17 plants, or the USGS list including idle ones.
Whether chrome concentrate can be exported today is unclear: a ban was announced, but concentrate is still traded and taxed. We found no list of quota holders.
The 2% royalty is from a secondary source; we have not seen the gazetted schedule.
Grade data by district come from 2011–2017 industry papers and should be confirmed by sampling.

Compiled by Munisa Resources from public sources, as dated above. Prices and rules change; check current figures before relying on them. Nothing here is investment, legal or tax advice, an offer of securities, or a statement of Mineral Resources or Reserves. See our terms of use. Munisa Resources · dealroom.munisaresources.com

Looking for chrome ground in Zimbabwe?

Tell the desk the size, province and structure — about a minute, no account.