20 January 2018
   
Tsvangirai golden handshake confirmed
DisGrace sneaks out three luxury cars
ED cuts Bob Singapore crew from 38 to 22
Call for Diaspora Minister and MPs
ED so over confident it worries him
Priscilla demands coup ‘killings’ details
CBD maize roasting must end now: Min
Tsvangirai faces disgraceful exit: Judge
MORE NEWS
ZTA targets domestic tourism
SOE DEBATE: Privatise most parastatals
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Mapeza targets CAF CL group stages
Tendai Ndoro special - says Ajax coach
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 

Zimasco agress marketing deal with US firm

20/11/2017 00:00:00
by Source.co.zw
 
 
RELATED STORIES

The Zimbabwe Mining and Smelting Company (Zimasco) has signed an agency agreement with New York-based Traxys to market and distribute its ferro-chrome products in North America, a deal seen reviving the struggling miner. 

Zimasco, which was put under judicial management in June last year due to operational challenges, owes FBC Bank, CABS and Zimasco Private Limited $3,8 million, $8,4 million and $998,000 respectively.

The company has been struggling since its takeover in 2007 by Chinese shareholder, Sinosteel Corporation, due to depressed ferrochrome prices and high operating costs.

The deal with Traxys, which has been granted exclusive rights, takes effect from January 1, 2018.

Traxys operates as a metals marketing, distribution, and trading company which provides supply chain management services to the specialty metals, minerals, and mining industries.

Zimasco is an integrated ferrochrome producer with chromite mining locations in Shurugwi, Guinea Fowl, Lalapanzi, Mutorashanga and tributor operations along the Great Dyke.

According to statistics from the US International Trade Commision and Commerce Department, US imports of high-carbon ferro-chrome from Zimbabwe amounted to 17,903 tonnes in the nine months to September.

US high-ferrochrome were priced between 64 cents to 67 cents per kg on November 9, according to American Metal Market.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker