![[South Africa] Bauba reopens chrome mine on improved prices](Bauba.jpg)
[South Africa] Bauba reopens chrome mine on improved prices
South Africa mining company Bauba says it has re-opened its wholly-owned chrome mine Moeijelijk after placing it under care and maintenance.
It placed it into care and maintenance after the chrome- ore price dropped from $175 a ton to $120 a ton in January last year, which made the company financially unviable. Bauba’s chief executive, Nick van der Hoven, said that the rebounding chrome-ore price had prompted Bauba to resume its Moeijelijk mine.
He said chrome-ore price had bounced back from a low of $80 a ton to $380 a ton. Van der Hoven said Moeijelijk was expected to produce 20 000 tons of chrome ore within three months, and expected chrome grade to be between 39 percent and 41 percent.
“From a difficult position in 2016, Bauba has - having preserved its chrome-ore reserves for more favourable prices - come into a stronger a position and is well positioned to capitalize on these improved prices,” said Van der Hoven.
The company reported a loss of $470,000 from $6 million in sales for the financial year ending in June.
