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Chromex Mining ups production target at Stellite Mine

Good news from Chromex Mining on several fronts this morning. The chrome production company announced that it had completed its first sale of 8,500 tonnes of chrome (lump, chip and fines) last week, and achieved an operating profit in its first month of production.

Perhaps even more encouraging, Chromex said that it would upgrade the capacity of its processing plant, due to be commissioned in February, 2009. This would allow run-of-mine (‘ROM’) to increase from 30,000 tonnes per month (‘tpm’) to 70,000 tpm.

Chromex also plans to sell move away from selling unbeneficiated ore to partially beneficiated ore, which is projected to boost revenues by 75%, but only increase operating costs by 8%.


Chromex CEO Russell Lamming said, "We are delighted to have sold our first crushed and screened chrome ore during September. This exceeded our timetable of selling beneficiated ore by the end of 2008. The increase in the planned production rate allows us to produce and sell more chrome into the current buoyant chrome market."

Shares in Chromex Mining jumped 15% on the news, and continue to outperform the junior mining sector, buoyed by robust demand for chomite.

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