UAE suspends 32 gold refineries in money-laundering crackdown
The shuttered facilities — which represent about 5% of the UAE’s gold sector — will be halted until Oct. 24.
Global steel production is set to rise to 1.5 billion tons in 2012 and due to increasing costs many ferrochrome and chrome ore producers will increase prices. The devaluation of the dollar, higher labour and fuel costs have led to a substantial increase in costs of ferrochrome and chrome ore production centred in South Africa, Kazakhstan, India, Zimbabwe, Turkey, Oman, Pakistan, Iran and Albania.
There is no substitute for chrome in the steel-making process and some 90% of the chromite mined worldwide is converted to ferrochrome, used in the production of stainless steel.
The Wall Street Journal reports:
Albanian Minerals President Sahit Muja said: “The Ferrochrome and chrome ore industry should continue on its recent improvement trend in 2012 and chrome ore demand will increase in to a record high in 2012.
