Just reported on...

Just reported on "miningweekly".

http://www.miningweekly.com/article/zimbabwe-bans-chrome-exports-to-boost-refining-2011-04-19

From the local Zimbabwe National Newspaper.

(It's also been reported on 100 websites in the past 24 hours).
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Zimbabwe-Mines-Mining Development: Chrome Ore Export Deadline Stays

Mines-Mining Development-Zimbabwe - The Mines and Mining Development Ministry will, with effect from tomorrow, ban all exports of chrome ore. This is despite an appeal to Government by exporters, requesting it to defer the ban. Exporters argued that the decision would leave thousands without jobs. In a notice, the ministry said: "Government through Mines and Mining Development opened an 18- month window period for the export on lumpy chrome exports in November 2009. "The 18 months window period expires on the 20th April 2011. We wish to advise all exporters that with effect from this date, no more chrome exports shall be entertained."

Government views the ban on raw chrome shipments as a loss-control measure, aimed at plugging one of the major holes through which the country had been losing revenue.

Zimbabwe Miners' Federation president Mr Wellington Takavarasha said in a note to members that Government was going ahead with the ban.

He said that while the State was benefiting from royalties, the disadvantages of exporting chrome ore far outweighed the advantages.

"Please be advised that the 18 months suspension on chrome ore exports expires on April 20, 2011," said Mr Takavarasha.

"Stakeholders have thoroughly deliberated on this issue to see whether they should be an extension or a complete ban. Statistical research postulates that nine chrome smelting facilities in Gweru, Kadoma and Masvingo can smelt over 1,5 million tonnes of ore per annum. The Minerals Marketing Corporation of Zimbabwe exported 600 000 tonnes of chrome.

"It is therefore against this background that the nine smelting companies have the capacity to haul all extracted chrome ore. Besides, the country will benefit from value addition."

Chrome, which is found mostly in the Midlands province along the Great Dyke, which also bears huge platinum and gold reserves, is one of the minerals considered by the Government as strategic because it has the potential to yield significant revenue.

Shurugwi, Mutorashanga, Lalapanzi and Guinea Fowl all produce high-grade chrome.
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Remember that South Africa and Zimbabwe hold 90% of all known reserves.

This from a european mining newspaper:
"Albanian Minerals has increased by 15% chrome ore prices for Q3 2011. And 20% for Q4 - 2011." This announcement was prior to the Zimbabwe govt stopping all exports, which wasnt spur of the moment, they want Zimbabwe to value add their product, not China.

What does this mean to IDM?
Their forecasting in Feb 2010 for its premium grade chromite (spherichrome) was based at $500 a tonne, which at the time was a 50% premium to the current metallurgical grade. Metallurgical pricing is currently over $500 a tonne with across the board increases coming through now.

As for IDM's plant, all the staff have been hired and the plant is currently in its 5th day of commissioning. First feed will be put through Wednesday 27th April and will be slowly ramped up. It should be at full production sometime in July.

The overnight price for IDM shares on the OTC (U.S.) market is 31c, so lookout next week.

Now go and have a Happy Easter.

Pep