Zimasco is expected to formally emerge from bankruptcy next week. The Zimbabwean high-carbon ferrochrome producer had debts of around $130-million but the creditors agreed to a multi-year payback scheme; Zimasco is now profitable.
Zimasco is currently operating four of its five furnaces with a capacity of 180,000 mtpy of ferrochrome; the current capacity with four units is around 145,000 mtpy. Portnex is leasing two furnaces while Zimasco is operating two furnaces. Production was around 100,000 mt in 2017. However, as I mentioned earlier today, the country’s logistics are holding everyone back.