News

May 19, 2008

Chromex Closes One Acquisition But Is Still Waiting On The Courts Before It Can Get To Work On Mecklenburg

By Rob Davies

A long period of uncertainty seems to have come to end for Chromex Mining with the appointment of some fresh faces on the board, and the confirmation of its acquisition of the Stellite chrome project in South Africa. The stock market certainly likes the news flow and has pushed the shares up from 20p to 37p, giving the company a market capitalisation of £26 million. At that level it’s still a tiddler, but now the way seems clear for real progress.

The sticking point in the past has been a challenge to Chromex’s mining rights on the Mecklenburg project in Limpopo province in South Africa from major South African chrome company Samancor. One of the new board members is Russell Lamming who’s now chief executive and has taken over from Nigel Wyatt who is to spend more time on a copper project he’s working on. The transition is amicable and indeed Minews was able to talk to Mr Wyatt, who explained all the recent developments before passing...