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CAPE TOWN – Mutapa Base Metals is actively pursuing a strategic equity partner to drive a full return to chrome beneficiation, targeting production of 120,000 metric tonnes of high-carbon ferrochrome per annum and generating revenue close to US$180 million in the initial phase, Mining Zimbabwe can report.
By Rudairo Mapuranga
Speaking from a detailed roadmap presentation at the Mutapa Mining Indaba Symposium in Cape Town, Mutapa Base Metals Chief Executive Officer Godwin Gambiza outlined the company’s pivot away from raw chrome exports toward integrated smelting capacity anchored by the resuscitation of the Gweru ferrochrome refinery.
“Mutapa Base Metals has placed priority on a full return to beneficiation through the Gweru refinery,” Gambiza said. “This will be achieved through forming partnerships with investors to produce ferrochrome, leveraging the high-grade quality of the resource and tapping into the growing global demand for stainless steel.”
US$60 Million Initial Phase, Scalable to Meet Demand
The partnership model envisages an initial investment phase of US$60 million, with provisions to scale up in line with growing demand and supporting fundamentals, including firm power supply and appropriate pricing mechanisms.
The partner will make an equity investment while also providing funding for exploration, feasibility studies, construction of beneficiation capacity, and, critically, an energy solution to power the smelter.
Geological Edge: 38% Minimum Chromium Oxide
Gambiza positioned the chrome resource’s quality as the partnership’s primary success factor, revealing grades that significantly exceed typical global benchmarks.
“The Base Metals company’s strength lies in a vast resource of high-quality chrome reserves of around 38% minimum chromium oxide,” he stated.
For context, he drew a direct comparison with South Africa, the world’s largest chrome producer. “If you compare with the South African resource, you talk of lower 30s,” Gambiza said.
This grade differential is critical. Higher chromium oxide content translates directly to lower energy consumption and higher efficiency in ferrochrome smelting, a decisive competitive advantage, particularly given Zimbabwe’s power constraints. The 38% baseline confirms Mutapa Base Metals is targeting high-grade metallurgical chrome ideally suited for ferrochrome production.
Although the resource statement is now outdated, having last been completed in 2010, the term sheet requires full exploration to be carried out. A recent desktop study based on depletion sheets revealed that the chrome company “still hosts significant deposits of chrome,” and Gambiza confirmed this estimate has been accepted by the potential investors currently being engaged.”
The resource will be exploited through both opencast operations and underground mining.
Mutapa Base Metals’ chrome portfolio is anchored by Zimbabwe Alloys Limited (ZimAlloys), a company with significant concessions on the Great Dyke that historically mined both on-reef and off-reef to produce feed for its now-defunct ferrochrome smelters at the Gweru refinery.
The company faced operational challenges and entered judicial management in 2012 under the previous shareholders. Kuvimba Mining House acquired the asset in 2019 and successfully took the company out of judicial management in July 2021, paying off both offshore and local creditors.
Since then, the company has operated under Kuvimba Mining House, which was recently restructured by its shareholder, the Mutapa Investment Fund, into four commodity-focused verticals. Mutapa Base Metals now runs Mutapa’s chrome assets, among others that may be announced in the future.
Current Operations: Ramping Up Concentrate Production
The current business model is premised on chrome concentrate and lumpy ore production, with the bulk of the product finding its way to export markets.
Gambiza confirmed that Mutapa Base Metals is commissioning additional chrome wash plants at Doro Range and Inyala in March 2026 and July 2026, respectively. Production is expected to stabilise at around 11,000 tonnes per month of chrome concentrate by mid-2026.
“This will position Mutapa Base Metals as a leading chrome concentrate producer in the country,” he said, noting that lumpy ore production is also anticipated to increase to 25,000 tonnes per month.
The operations are strategically located across the Great Dyke, including the North Dyke and Middle Dyke in Lalapanzi.
This expansion will register a significant increase in job creation, with the labour complement anticipated to reach 1,500 from the current 260, while contributions to the fiscus will be recognised through taxes.
Gambiza listed four critical success factors underpinning the partnership search:
- Existence of geological potential – Confirmed by high-quality chrome reserves (38% minimum Cr₂O₃, compared to South Africa’s lower 30s) and investor acceptance of desktop study estimates.
- Attractive regulatory and fiscal frameworks, supported by policy consistency which will serve as guarantees to investors.
- Favourable social and economic environment.
- Robust plans for energy generation and transmission, and affordable power to support beneficiation.
He confirmed that a term sheet with balanced terms for both the company and investors was circulated in late 2025, and submissions have since been received.
“The received submissions are currently going through review by the Mutapa Investment Fund before an adjudication exercise is undertaken to select the final partner for the development of Mutapa Base Metals’ chrome assets,” he said.
The selected partner will make an equity investment while also providing funding for exploration, feasibility studies, construction of beneficiation capacity, and an energy solution to power the smelter. In return, the partner will enjoy exclusive offtake rights for the mineral products.
The partnership search represents a fundamental strategic pivot. Gambiza confirmed that Mutapa Base Metals is moving “away from a value chain that is currently focused on direct export of unbeneficiated chrome to align the ore to infrastructure such as smelters.”
This is the ultimate objective of local beneficiation before stainless steel production, “the final leg of value addition in destination markets.”
The forecast is to produce around 120,000 metric tonnes of high-carbon ferrochrome per annum, generating revenue close to US$180 million in the initial phase, with later scale-up to satisfy growing demand in line with other fundamentals supporting such growth, including firm power supply and appropriate pricing mechanisms.
For investors willing to meet these terms, Gambiza’s message was clear: the geological foundation is proven—with grades that outcompete regional rivals—the fiscal framework is settled, the production ramp-up is underway, and the partnership window is open.
