Zim Alloys Manages To Export 40.7k Tonnes Of Chrome
Industry and Commerce Deputy Minister Raj Modi said that Zim Alloys has exported 40 700 tonnes of chrome in 2019 so far. The company, which is under judicial management, has been looking to attract an investor but has been unsuccessful in securing one so far. It has a $60 million debt.
Modi said that despite the lack of investors, Zim Alloys is working with its own resources to rebuild its furnaces as well as export products.
Said Modi:
The company is, however, reported to be at 60 percent on target in rebuilding the furnace. Zim Alloys is also involved in a contract production arrangement and has managed to export 40,700 tonnes of chrome and employs 650 workers.
“Zim Alloys is currently under judicial management since 2013 due to a debt totalling $60 million. The company has, since 2018 under judicial management, been making strides to rebuild one of its furnaces to resume smelting operations.
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A proposal to have an Indian investor inject US$100 million failed to take off and currently, the investor has submitted an appeal to the High Court to cancel the transaction
Modi did not say what the revenue from the exports had been.
More: Financial Gazette
