Bauba Platinum has attributed a nosedive in the chrome price in late 2015 with its decision to halt development of its chrome project and place the Moeijelijk mine, in the North West, under immediate care and maintenance, noting on Monday that the operations had since become financially unviable.
Observing that chrome-ore prices had dropped from $175/t to $120/t in the final quarter of last year, Bauba said in a statement that the operations would remain stalled until prices recovered and increased to levels sufficient to justify the continuation of mining.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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