Mining industry in difficulties, international market prices fall
Business, Economy, Invest-Inform, Top News Monday, December 15th, 2008
Tirana, Dec. 15, 2008 (AENews) – Shekulli newspaper reported on Sunday that Albanian Chrome ACR- the largest chrome mining and production company in Albania- stopped its production at the ferrochromium plant in Elbasan due to the shrinking situation of the international markets.
Bulqiza Mine Union representatives said off the record that mining activity is also suffering comprehensive shortages as a result of the excess in production, according to Shekulli daily.
Tens of thousands of mineral ore are laying since months at the southern key at Durres port, waiting for the metal prices to internationally increase.
A spokesperson of the company rejected the idea that ACR plans to cut its production in a long run.
“Albanian Chrome is highly interested to work in full capacity in Elbasan as elsewhere. We believe that certain international market conditions are temporary and things will improve soon”, Alban Bala, an authorized spokesperson of Albanian Chrome ACR said.
According to Bala there are “several investments going on in the facilities Albanian Chrome manages and these investments guarantee a long run vision”.
Albanian Chrome ACR is the new name of DARFO Albania company, which was entitled a concessionary contract from the Government of Albania back in 2001, to redevelop almost 50% of the chrome related industry facilities of the country.
Darfo Albanian was taken over in spring 2007 from the Austrian DCM DECOmetal and the Russian Terwingo group of companies.
Analysts in the country say the company benefited by stellar prices in the international market during 2007, beside numerous crisis suffered at the moment the new owners took over the mine and the other ferrochromium facilities.
The company has an annual output of 100,000 tons of Cr ore, 33,000 tons of FeCrLC and 15,000 tons of FeCrHC.
During 2007, Albania registered record exports of chrome and copper, due to the high prices in the international market.
Short URL: http://www.albanianeconomy.com/news/?p=896
Posted by Gjergj Erebara
on Dec 15 2008. Filed under Business, Economy, Invest-Inform, Top News.
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