JSE-listed platinum explorer and chrome producer Bauba Platinum will cease operations at its Moeijelijk chrome mine following the severe drop in chrome prices.

The last quarter of 2015 saw the market price of chrome-ore experience severe pressure, with the price dropping from $175/t to $120/t.

The adverse changes in the chrome ore market, specifically those pertaining to price, have resulted in the company’s chrome project becoming financially unviable at present.

The Moeijelijk mine, situated on the Eastern Limb of Bushveld Complex, will be placed under care-and-maintenance with effect from 11 January 2016.

It will remain under care-and-maintenance until chrome-ore prices recover and increase to levels sufficient to justify the continuation of mining operations again.

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