Shares in Aim-listed Chromex Mining gained 14.3% on Wednesday, after the firm announced it had been awarded a new-order mining right for its Mecklenburg chromite deposit, in South Africa's Limpopo province.
The project contains a 9.6-million ton underground resource, which Chromex plans to mine over a ten-year period.
The mining right "allows us to accelerate the development of this exciting project and take advantage of the robust chrome market and buoyant prices", said CEO Russell Lamming.
The company plans to tap into water, electricity and tailings infrastructure from Anglo Platinum's Twickenham mine for the operation at Mecklenburg.
The firm's other project, the 15-million ton Stellite chrome deposit, is located on the Western Limb of the Bushveld Complex, and is targeted to produce 30 000 t/m of beneficiated chrome ore by the end of this year, Chromex said on Wednesday.
South Africa is the world's biggest producer of ferrochrome.
Source: Mining Weekly
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