Oman Chromite posts strong output growth in H1

MUSCAT, SEPT 3

Publicly traded Oman Chromite Company produced 25,900 tonnes of chromite ore in the first half of 2022, a significant increase over the corresponding output of 9,349 tonnes a year earlier.

After tax, the firm earned a profit or RO 653K, representing an increase of 245 per cent compared to RO 266K a year earlier. The uptick in profits was aided by the company’s ability to reduce costs, among other factors

Earlier this year, the Oman Chromite signed a joint investment agreement with Mineral Development Oman (MDO) to explore for chromium ore at two sites, one in the North Al Batinah Governorate and the other in Al Buraimi Governorate.

The company continues to seek licences for new sites and evaluate existing sites for their mineral potential. Its efforts to develop and enhance exploration and mining operations have contributed to an increase in production at its Mahrah mine, where it obtained a mining license in June 2021.

Chromite ores – metallic and refractory – are exported via Sohar Port metallic raw and refractory raw to East Asian markets and European countries, including Japan and South Korea, as well as India, Thailand, and South Africa.

Chromium is characterized by its great resistance to high temperatures, corrosion and rust. Chromium is widely used in the manufacture of corrosion and rust-resistant steels, heat-resistant alloys, jet engines and chrome plates, in the manufacture of jet engines, gas turbines, cutting machine steel, and photography.

It is also used in the manufacture of non-ferrous alloys, heavy alloys and heat-resistant alloys, and is used in the manufacture of drill chimes and electric lamps, and chrome and steel alloys are used to make the plate surfaces of ships, tanks, safes, ball bearings, and cutting edges of high-speed machine equipment, and is used in many industries. These include leather tanning, paint pigment and in the textile industry as color stabilizers.

Oman Chromite’s vision is embodied in the development of its activities and expansion in studies, production, processing and marketing of minerals, and the company aims to make minerals one of the most important sources of income for the Sultanate of Oman, and to improve the returns of shareholders and employees.