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 ups production target at Stellite Mine
Good news from Chromex Mining on several fronts this morning. The chrome production company announced that it had completed its first sale of 8,500 tonnes of chrome (lump, chip and fines) last week, and achieved an operating profit in its first month of production.
Perhaps even more encouraging, Chromex said that it would upgrade the capacity of its processing plant, due to be commissioned in February, 2009. This would allow run-of-mine (‘ROM’) to increase from 30,000 tonnes per month (‘tpm’) to 70,000 tpm.
Chromex also plans to sell move away from selling unbeneficiated ore to partially beneficiated ore, which is projected to boost revenues by 75%, but only increase operating costs by 8%.
Chromex CEO Russell Lamming said, "We are delighted to have sold our first crushed and screened chrome ore during September. This exceeded our timetable of selling beneficiated ore by the end of 2008. The increase in the planned production rate allows us to produce and sell more chrome into the current buoyant chrome market."
Shares in Chromex Mining jumped 15% on the news, and continue to outperform the junior mining sector, buoyed by robust demand for chomite.
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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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23/05/08 Chromex Mining takes full control of Stellite project
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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