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Mining Weekly reported that output from Merafe Resources Ltd.’s (JSE:MRF) chrome venture with Glencore plc (LSE:GLEN) increased by 15 percent during 2015’s first quarter.
Mining Weekly reported that output from Merafe Resources Ltd.’s (JSE:MRF) chrome venture with Glencore plc (LSE:GLEN) increased by 15 percent during 2015′s first quarter.
As quoted in the market news:
This increase of Merafe’s attributable ferrochrome production from the Glencore-Merafe Chrome Venture was mainly due to additional production from the Project Lion II furnaces, which are producing at above 80% of operating capacity and where the ramp-up continues to be on track.
The venture’s total operating capacity utilisation for the first quarter of 2015 was 94% with attributable production at 99 000 t compared with 86 000 t in the first three months of 2014.
The increase in ferrochrome production comes against the background of global stainless steel production expected to grow by more than 5% in 2015 and 2016 and demand for ferrochrome expected to grow by 8% this year and 5% next year.