Chromex Mining boosts portfolio with Falvect deal in Zimbabwe
10 November 2009
Chromex Mining, the chrome miner operating in southern Africa, has struck a deal that gives it the right to co-develop a string of chrome concessions in Zimbabwe.
The company has signed a binding heads of agreement to acquire 49% of Falvect Mining (Private) Ltd, which gives it the exclusive right to co-develop all Falvect chrome concessions in the Shurugwi region and tribute agreements in the Ngezi area. It will also get to market 100% of the chrome products produced from those operations.
In return, Chromex will provide working capital into Falvect and funding for the development of current projects and any additional acquisitions in Zimbabwe, which is host to significant high grade chrome ore deposits.
The company said a technical review of the contained mineralisation will start once final agreements have been concluded. It is already investigating the economics of setting up processing facilities in Zimbabwe.
Elsewhere, the first phase of Chromex’s South Africa based Stellite chrome processing plant was completed in August 2009 and by the beginning of November 2009 it was able to operate at full design capacity, producing 42% and 44% metallurgical grade chrome concentrate.
Until now, all the processing has been fed from existing stockpiles at the Stellite mine, however on-going demand means that mining operations are expected to re-start in December. Work is also underway on a second phase of development at the plant.
The news comes in what has been a difficult year for the South African chrome industry, combining general macro-economic uncertainty with unprecedented turbulence in demand and price. This has been compounded by a very strong Rand, increasing costs and continuing power constraints.
Chromex is also still facing a challenge to its mining right at Mecklenburg although it said it remained confident of a successful outcome.
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