Eurasian Resources Group enters into a principal agreement with China's NFC to complete the construction of its project in Africa; EXIM and ICBC to support the financing, Sinosure to provide the insurance
Kazchrome Achieves Record-High Chrome Ore Output and Ferroalloys Production in 2017; Highlights Sustainable Development Achievements
TNC Kazchrome JSC (“Kazchrome” or “the Company”), the world's largest high-carbon ferrochrome producer by chrome content and a subsidiary of Eurasian Resources Group (“ERG” or “the Group”), a leading diversified natural resources group, achieved record chrome ore output and ferroalloys production last year. Kazchrome also made significant progress in ensuring there were no fatalities among employees and increased its community social investment by 80% y-o-y to more than US$57 million.
In 2017, Kazchrome mined approximately 5.6 million tonnes of chrome ore (15% y-o-y growth) and produced more than 1.6 million tonnes of ferroalloys (8% y-o-y growth). Ferrochrome products are used in various types of corrosion-resistant steel, ranging from simple stainless steel to alloy and engineering steel.
Serik Shakhazhanov, Chairman of the Management Board, Eurasian Group LLP, which operates ERG’s assets in Kazakhstan, commented: “We are delighted to have reached this important milestone having delivered record volumes in both chrome ore output and ferroalloys production. With the world’s largest and highest quality chrome ore reserves, we are well placed to meet the increasing global demand for ferrochrome.”
Beyond the production figures, maintaining a safe working environment is a key priority for the Company, and in 2017 Kazchrome ensured there were no work-related fatalities among its employees.
Kazchrome also continued to invest in the sustainable development of local communities in the regions in which it operates, through a substantial expansion of its CSR programme. The Company’s community social investment (CSI) contributions amounted to over US$57 million in 2017, an increase of 80% from the previous year.
“Sustainability is at the heart of our operations and is one of the key ways in which we measure success. Therefore, Kazchrome’s achievements are very important. We are proud of the work we do to support the social infrastructure of the regions in which we operate and Kazchrome’s contributions in this area are an example of our enduring commitment to local communities,” added Mr Shakhazhanov.