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Chromex Posted: Tue, 06 Jan 2009 [miningmx.com] -- AIM-traded Chromex cut chromite production to about 10,000 tonnes/month of run-of-mine ore at its Stellite project in South Africa because of weak demand, it said on Tuesday. Chromex will commission a new R22m processing plant at Stellite in April to process 40,000 tonnes of ore/month, preparing the company to supply beneficiated chrome to the market once demand recovers. Chromex has secured a R30m loan towards construction of the plant. "Importantly, in addition to the loan facility we have a healthy cash position of £2m and a low cost base which places Chromex in a strong position to weather the current economic storm and actively position itself for when demand for beneficiated chrome products rise once again," Chromex CEO Russell Lamming said in a statement.
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