Chromex Mining
Chromex Mining was established to develop a Chromite focused mining company. Chromex came to the market with The Mecklenburg Project, which contains two chromite reefs known as LG-6 and LG-6A. The LG-6 Units are the most important chromitite target in the Bushveld Complex as they combine both the most favourable chemistry and uniform thickness.
Analytical results from the LG-6 and LG-6A chromitite layers substantiate the geochemical continuity known throughout the explored area and indicate that the chromium grade is similar to that being mined elsewhere in the Bushveld Complex. Chromex is in the process of completing a Bank Feasibility Study on Mecklenburg.
Chromex Mining takes full control of Stellite project
Chromex Mining (AIM: CHX) confirmed that it had acquired the remaining 49% interest in Ilitha Mining.
Chromex acquired the interest from Hernic Ferrochrome for £3 million, including the repayment of all Ilitha shareholder loans. Ilitha holds the mining rights to the Stellite chrome project on the Western limb of the Bushveld Complex in South Africa. The Stellite chrome project has 15 million tonnes of chrome and it expected to commence production in the next few months.
The fund the acquisition, Chromex placed 11.25 million shares at 40 pence per share, raising £4.5 million.
CEO Russell Lamming said: 'We are naturally delighted to have secured the remaining 49 per cent. stake in this exciting project, and with it full operational control. With a New Order Mining Right in place encompassing the entire 271 hectare Stellite property, we are very optimistic about the near term production potential of the project, particularly in view of the current strong market for chromite. Through independent resource and mining consultants, the resource is now being upgraded to be SAMREC compliant and a scoping study is being finalised. Our strengthened operations team looks forward to bringing both Stellite and our original Mecklenburg project into production as soon as possible."
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Other Chromex Mining articles
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17/09/08 Chromex Mining begins production at Stellite
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07/09/07 Chromex Mining gets the green light at Mecklenburg.
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30/10/06 Chromex Mining is Marching towards production.
Other Chromex Mining news
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21/11/08 Samancor goes to court over Chromex mining right at Mecklenburg, South Africa
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20/10/08 Chromex Mining doubles chrome resource at Stellite Mine
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02/10/08 Chromex Mining ups production target at Stellite Mine
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01/05/08 Chromex reshapes board of directors
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24/04/08 Chromex completes Stellite chrome mine acquisition
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10/03/08 Chromex Mining adds to management team
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07/03/08 Chromex gets all clear for Stellite acquisition
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14/08/07 Brian Moritz ups interest in Chromex Mining
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09/08/07 Chromex Mining more than doubles its chromite through acquisition
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14/06/07 Chromex completes £1.75 million placing at a premium to share price