TISCO's largest overseas investing program to formally start

Nov. 5 MetalBiz--Currently, the opening ceremony of Turkey's chrome ore co-operation project, jointly invested by TISCO, Jinzhong Wanbang Industry and Trade Co., Ltd. and CVK Group was held in Taiyuan, Shanxi, which marks that TISCO's and even Shanxi's largest overseas investment project--Turkey's chrome ore project, will be formally started.

This is Shanxi's largest overseas investment program and it also is China's largest investment project in Turkey.

It is learned that CVK Group is Turkey's largest chrome exploiter and exporter, and TISCO is the world's largest stainless steel enterprise holding the most advanced handicraft and technological equipment level and have the a variety of specification, while Jinzhong Wanbang is also the forceful ferro-chrome producer and TISCO's main ferro-chrome supplier. Li Xiaobo, president of TISCO stated that this joint venture will implement Turkey's chrome ore exploiting project and further consolidate and expand the strategic union among three sided.

Turkey is the world's largest chrome exporter owned a large amount of chrome deposit, and its chrome is high-grade and greatly potential in exploiting with low cost. In 2008, Turkey's export volume accounted for 19.5% of the total global chrome exports. While China is the world's largest stainless steel producer and one of the largest chrome ore exporters. In 2008, Turkey became China's second-largest chrome ore importer, taking up 17.5%.

In fact, the Turkey chrome ore co-operation project among TISCO, Jinzhong Wanbang and CVM was started in the beginning of 2008, after one year of communication and talks, TISCO Group and Jinzhong Wanbang invested more than US $200mln, succeeding buying 50% share from CVM, and three parties built up a joint venture, exploiting CVM's west area, south area and east.

The material showed that the total deposit in these three mine areas reaches more than 55mln tons, and the average grade of chrome being above 35%. It is exported that till 2014 the total chrome production of this joint venture will reach 1.5mln tons.