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Additional Information
Market: AIM
Sector: General Mining
EPIC: CHX
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Chromex Mining
www.chromexmining.co.uk

Chromex Mining plc (AIM: CHX) is an AIM quoted dedicated chrome company established to acquire, control and develop chromite mining and processing facilities. It currently has two key mining assets located on the Bushveld Complex in South Africa, which between them have total resources of approximately 41 million tonnes of chromite.  Chromex is focused on growing its current resource base with near production projects to supply beneficiated chrome products into the ferrochrome and stainless steel markets.  In addition the Company continues to review additional prospects.

 

Full Chromex Mining profile here
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Chromex Mining restarts operations at Stellite chrome mine amid improved market conditions

9th Feb 2010, 3:53 pm

Chromex Mining (AIM: CHX) has recommenced mining at its Stellite opencast chrome mine on the Western Limb of the Bushveld Complex in South Africa as pricing and chrome market conditions improved, which has led to the drawdown of its run-of-mine (ROM) stockpiles over the past six months.

investors liked the news, and the stock held onto gains reached after the news broke this morning, trading nealrly 12 percent higher in early afternoon deals at 16.50p.

The initial monthly production at the operation will amount to 20,000 ROM tonnes per month, which will then increase to 40,000 tonnes with the installation of the dense media separation circuit (DMS) at the beneficiation plant, which, along with the capacity increase, will also enable the company to market a sized lumpy chrome product in addition to chemical and metallurgical grade concentrates. The DMS is expected to be completed in Q3 this year.

Chromex is currently producing 42% and 44% metallurgical grade chrome concentrate.

“Despite the challenging chrome market conditions over the past year we have continued to invest in our operations, channelling our focus into building a cost efficient producing chrome mine at Stellite. In this vein, with market conditions beginning to improve, and a solid orebody containing circa 31.9 million tonnes of chromite to utilise, we feel that the time is right to recommence our mining operations and deliver an uplift in value for shareholders in 2010,” said chief executive Russell Lamming.

Chromex’s two properties lie on each limb of the Bushveld: Mecklenburg in the east and Stellite in the west. Both are owned and operated by South African registered Chromex Mining Co, which is 74% owned by Chromex and 26% owned by their Black Economic Empowerment (BEE) partner Umnotho WeSizwe.

South Africa accounts for 40% of world production of chromite - the only ore from which chromium is extracted commercially - and hosts around 70% of the current chromite resource base.

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