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South Africa's cabinet approves export tax on chrome ore

South Africa, the world's biggest chrome producer, has approved measures to support the domestic ferrochrome industry including through an export tax on chrome ore, according to a cabinet statement on Thursday.

JOHANNESBURG, Oct 22 (Reuters) - South Africa, the world's biggest chrome producer, has approved measures to support the domestic ferrochrome industry including through an export tax on chrome ore, according to a cabinet statement on Thursday.

"The interventions include the proposed introduction of the export tax on chrome ore, the usage of energy efficiency technologies on smelters, and the adoption of cogeneration and self-generation technologies," said Minister in the Presidency Jackson Mthembu, reading the statement.

He did not disclose details of the export tax.

Chrome ore is a key ingredient in stainless steel, an essential material for the automobile industry. South Africa last year supplied 12.5 million tonnes of chrome ore to China - 83% of China’s total chrome imports.

Companies mining and processing chrome in South Africa include Glencore GLEN.L, Merafe Resources MRFJ.J, Samancor Chrome, Tharisa THST.L, and Jubilee Metals JLP.L.

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(Reporting by Helen Reid; Editing by Mark Potter)

((Helen.Reid@thomsonreuters.com; +27 66 156 5214;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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