New business venture aims to transform global ferrochrome business
DUBAI-based Russian businessman Alibek Issaev has teamed up with South African businessman Abbas Moti to develop a low- and medium-carbon ferrochrome smelter near Rustenburg that they claim will transform the ferrochrome business.Mr Issaev is taking a 50% stake in private South African company FerroChrome Furnaces (FCF), which is controlled by the Moti family for an undisclosed amount.The plant is at the commissioning stage and the aim is to boost production of low- and medium-carbon ferrochrome to 420,000 tonnes a year over the next 24 months, targeting a business that is dominated by ferrochrome producers located in Kazakhstan and Russia, in particular Eurasian Natural Resources Corporation.Also involved in the deal is former Sentula Coal chairman Sir Sam Jonah.According to FCF spokesman Ashruf Kaka, Sir Sam is the nonexecutive chairman of FCF but has no business stake in the transaction and is only involved because of his long-standing friendship with the Moti family.Sir Sam was ...
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