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[Ferro-Alloys.com]Junior partner in SA chrome venture with Glencore posts improved annual results on the back of higher production.
MERAFE Resources, a junior partner in a South African chrome venture with Glencore, posted improved annual results on Tuesday on the back of higher production.
Global demand for ferrochrome, which is used to make stainless steel, grew 11% last year to 11.3million tonnes while world production rose 9% to 11.3million tonnes.
There was a 13% increase in output from SA last year. The venture with Glencore is SA’s largest producer of ferrochrome in the world, supplying about 1.6million tonnes last year.
Exports of chrome ore from SA to China fell nearly 15% last year to 5.75million tonnes out of total Chinese chrome ore imports of 9.4million tonnes.
SA is by far the largest exporter of chrome ore to China and local ferrochrome producers have wanted these sales to be curtailed so that demand for ferrochrome, a higher value produce would increase.
The partners have completed the Lion II project, which will achieve full capacity in the middle of this year and reduce the partners’ total cost of ferrochrome production by 6%.
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- [Editor:sunzhichao]
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