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:: Lonmin Announces Plans to Build Two Chrome Recovery Plants
Lonmin Plc, the world's third-biggest platinum producer, said it signed two contracts to construct chrome recovery plants at its Marikana operation in South Africa, enabling it to gain chrome by-product revenues.
Lonmin said it has also started looking at building plants to recover platinum group metals (PGMs) from the tailings from UG2 concentrators, following the removal of the chrome.
"These agreements mark the continuation of a trend across the industry as PGM producers look to realise value through chrome by-product revenues and improved PGM recoveries," said Lonmin Chief Executive Ian Farmer.
The two chrome recovery plants, which will treat the tailings from UG2 concentrators, will be built and operated by the Xstrata-Merafe Chrome Venture and ChromTech and are expected to be in full production by the second half of Lonmin's 2011 financial year.
Under the terms of the contracts, the Xstrata-Merafe Chrome Venture and ChromTech will purchase the chromite concentrate produced from the plants.
(Reporting by Julie Crust; editing by James Davey)
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