Economy, Business And Markets

Turkish Investment for Ferrochrome Project

Turkish Investment  for Ferrochrome ProjectTurkish Investment  for Ferrochrome Project

The Turkish holding company Yildirim has offered to invest in ferrochrome mining projects in Iran, announced the ministry of industry, mine and trade.

"Turkey is the fourth biggest producer of ferrochrome. We have already implemented projects in Russia and Kazakhstan. Now we are willing to enter Iran's market," Mehr News Agency quoted president and the CEO of Yildirim Group, Robert Yuksel Yildirim, as saying.

He added that working in Iran's ferrochrome market can be a good starting point for further mining cooperation. The holding company is willing to sign a 10-year contract with Iran to either buy ferrochrome or buy mines and production facilities.

Currently, the only ferrochrome production facility in Iran is operating in the northeastern city of Sabzevar, while a factory is being constructed in the southern port city of Bandar Abbas in a joint venture with the Chinese.

Ferrochrome is produced through concentrating, pelletizing and sintering chromium ore. It is an alloy of chromium and iron containing between 50% and 70% chromium. The alloy is mainly used in producing stainless steel and alloys with high abrasion resistance.

The Turkish holding company has also expressed interest to in other mineral sectors, including potassium, phosphate, fertilizers, and mineral machinery and equipment.