Albanian starts exporting ferro-chrome to Japan

TIRANA, Oct. 12 – Albanian ferrochrome producers have found new Far East markets to sell their products, boosting the exports of this important mineral to the Albanian economy. This was announced on Tuesday during a joint press conference by Economy and Deputy Prime Minister Ilir Meta and representatives of foreign companies operating in chromium extraction and production in Albania.
Addressing the conference, Meta said cooperation between DCM-ACR Holding and Marubeni, one of Japan’s leading companies in this field, shows the Albanian economy is becoming more and more attractive to foreign investors, increasing “Made in Albania” exports to important and quality Asian markets, such as Japan. He encouraged the company’s representatives to make the processing and enrichment of minerals extracted in Albania to increase their prices in international markets, also supporting their ambitious plans to reopen the ferrochrome plant in Burrel district, north of Tirana, creating new jobs for the poverty-stricken inhabitants.
“We must be able to conclude the process of mineral processing and enrichment through high-tech plants, protecting the environment and in the meantime attract as many important foreign investors as possible,” said Meta.
According to a World Bank 2009 report on the Albanian mining sector, over the past 4 years, attention has been paid to attract investment by foreign companies, particularly for prospection, thus offsetting some momentary shortcoming by the Albanian Geologic Service which is currently revealing a limited budget. At present, Canadian, Turkish and Chinese companies hold licenses to prospect for chromium, copper and iron-nickel minerals. Albania has for the first time seen the successful use of modern airborne geo-physical exploration methods by a Canadian company.
The mineral industry of Albania served for more than fifty years as a foundation of industrial growth and economic linkages, building on an underlying resource endowment of chrome for which it was, until the 1980s, one of the world’s biggest producers, together with nickel, iron and copper mineralization.
Mineral production and exports peaked in 1989 at US$140 million when chrome, copper and nickel accounted for about 80 percent of total Albanian exports (by value). By 1992 mining exports had fallen significantly to around $20 million, a result of political instabilities, economic decline within the country and the onset of a commodity recession that would persist throughout the remainder of the decade.