Xstrata
Xstrata is a global diversified mining group, listed on the London and Swiss Stock Exchanges, with its headquarters in Zug, Switzerland.
Xstrata’s businesses maintain a meaningful position in seven major international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with additional exposures to platinum group metals, gold, cobalt, lead and silver, recycling facilities and a suite of global technology products, many of which are industry leaders.
The Group's operations and projects span 18 countries: Argentina, Australia, Brazil, Canada, Chile, Colombia, the Dominican Republic, Germany, New Caledonia, Norway, Papua New Guinea, Peru, the Philippines, South Africa, Spain, Tanzania, the USA and the UK. Xstrata employs approximately 56,000 people, including contractors.
Xstrata and Merafe Resources suspend six ferrochrome furnaces
Xstrata Alloys, a subsidiary of FTSE 100 mining group, Xstrata, and Merafe Resources announced the temporary suspension of six furnaces, representing 500,000 tonnes of annual ferrochrome production, or approximately 29% of the Xstrata-Merafe Chrome Venture's total available capacity.
Xstrata Alloys and Merafe Chrome added that three furnaces at Rustenburg, two at Lydenburg, and one at Wonderkop will remain suspended, reducing ferrochrome production in 2008 by around 80,000 tonnes.
Peet Nienaber, Xstrata Alloys Chief Executive, commented:
"As the global market leader in ferrochrome, Xstrata and Merafe are acting responsibly and decisively to cut back production during a period of short term demand weakness. Today's announcement underlines the Xstrata-Merafe Chrome Venture's operational flexibility, which enables us to scale back production and optimise unit costs, while redeploying employees within the organisation. We will continue to respond promptly to market conditions as necessary."
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Other Xstrata news
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01/12/08 Xstrata-Merafe chrome venture suspends further 5 ferrochrome furnaces
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05/09/08 Xstrata increases interest in Indophil Resources to 19.99%
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23/06/08 Xstrata matches counter offer for Indophil Resources