HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Sinosteels cedes 1/2 of chrome claims in Zimbabwe to state.
...first a bit about Sinosteel followed by news today of ...Gulp!...Sinosteel cedes half its chrome claims in Zimbabwe to state
http://www.sinosteel.name/products.asp
Ferrochrome
Sinosteel is one of the top three ferrochrome producers in the world with a total production capacity of 1.2 million tons. It holds majority shares in four FeCr manufacturing plants. In 2012, Sinosteel Germany GmbH sold 65,000 tons FeCr and our target is to sell 260,000 tons FeCr by 2016.
Manufacturing plants:
1. ASA Metals (Pty.) Ltd.
Sinosteel holds 60% shares of ASA metals in South Africa. It has a chrome ore reserve of 104 million tons, having a capacity of 800,000 tons of chrome ore and 400,000 tons of ferrochrome per year.
2. Tubatse Chrome Minerals (Pty.) Ltd.
Sinosteel holds 50% shares in Tubaste in South Africa. It has a capacity of 1 million tons of chrome ore and 310,000 tons of ferrochrome per year.
3. Zimasco Consolidated Enterprises
Sinosteel holds 67% shares of Zimasco in Zimbabwe, It has a chrome ore reserve of 108 million tons, having a capacity of 592,000 tons of chrome ore and 220,000 tons of ferrochrome per year.
4. Sinosteel Jilin Ferro-alloy Co., Ltd.
Sinosteel Jilin Ferro-alloy company has 36 large electric furnaces and more than 3,600 employees. It has a capacity of 200,000 tons of ferrochrome per year and many different other ferro-alloys.
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giving up 50% with no compensation? Anglo American is lucky they got out in 2006.
Sinosteel cedes half its chrome claims in Zimbabwe to state
Complying with Harare’s demands to chrome producers to give up some of their claims
Reuters | 20 April 2016 00:38
China’s Sinosteel’s business in Zimbabwe has ceded half its mining claims to the government, complying with Harare’s demands to chrome producers to give up some of their claims, a company official said on Tuesday.
The Southern African nation holds the world’s second largest deposits of chrome, which is smelted to produce ferrochrome, a raw material used in the making of stainless steel.
- Zimbabwe’s mines minister last year asked Sinosteel’s Zimasco and Zimbabwe Alloys, which owned 80% of all chrome mining claims, to release some ground for distribution to new investors. The companies were owned by Anglo American until 2006.
The government has previously said it wants to redistribute some claims to several local investors as part of its black economic empowerment drive and would not pay compensation.
Zimasco held 45,900 hectares of claims before giving up half to the government, Clara Sadomba, the company’s general manager for administration told Reuters.
“It is accurate regarding Zimasco in that we have indeed ceded 50% of our chrome claims to the government,” said Sadomba.
Zimbabwe Alloys officials would not say whether they had also given up some of the company’s claims.
Zimbabwe holds more than 950 million in chrome reserves, according to ministry of mines data.
In 2014 Zimbabwe produced 260,000 tonnes of high-carbon ferrochrome, which was 2.3% of global output. Zimasco produced 68% of Zimbabwe’s ferrochrome in 2014.
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