Picture: REUTERS
Picture: REUTERS

AltX-listed chrome miner Chrometco said it looked set to benefit from a rising price of the commodity amid supply disruptions in SA due to Covid-19.

Covid-19 lockdowns meant its underground operations at its Black Chrome Mine in Limpopo was in mothballs in April, while it had operated at 75% capacity in May.

Production has resumed from June, and a shortfall in chrome supply had resulted in the price of 42% grade chrome concentrate to increase from $114 per tone on April 10 to $167.5 per tonne at the end of May, the group said.

A weaker rand over the period had also increased sales, Chrometco said.

The group posted a loss of R89.2m in its year to end-February, from a loss of R153.7m previously.

In afternoon trade on Thursday, Chrometco’s little-traded share was unchanged at 10c, having fallen 16.67% over the past 12 months. The group has a market capitalisation of R254m.

gernetzkyk@businesslive.co.za

Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.