Posted on 18 Mar 2019
Oman Chromite plans to ramp up sales when chrome ore prices improve in 2019 after it ceased shipments last year to maintain profit when prices fell, the firm says. Deliveries fell -15% on-year in 2018 to 14,515 tonnes.
Metallurgical ore comprised 44% of deliveries and refractory ore sales accounted for the balance.
Production fell -26% in 2018 to 20,020t due to a decrease in chromite reserves at existing sites and the high amount of waste material that must be removed before reaching the chrome ore, Oman Chromite says.
“The Board of Directors is using all its efforts to seek licenses for new sites, and has had a number of meetings with the concerned authorities in this regard,” the firm observes in a report seen by Kallanish. “We are pleased to inform that we have succeeded in obtaining the agreement of all the concerned authorities for three exploration sites, and we commenced exploration activities for these sites.”
The firm’s revenue fell -12% on-year in 2018 to OMR 1.84 million ($4.79m) and net profit was down -15% to OMR 463.7m.
Besides Oman Chromite, Oman’s chromite miners include Al Tamman Trading Establishment, Gulf Mining Materials Company, Hatton, and Northern Minerals.
