SME AG has now received a mining permit to explore, the “ENORA” field for the fol-lowing mineral resources: chromium, gold, cobalt, copper, nickel, silver, and vanadi-um. SME AG’s exploration focusses on cobalt, nickel, and chromium.
The field of exploration “ENORA” (an acronym for the northern edge of the Ore Moun-tains) extends across the counties of Middle Saxony, Zwickau as well as Chemnitz and includes an area of about 600 square kilometres.
Among others, the following metal tonnage have been geologically proved in the ore containing rocks. After successful exploration, SME AG will file an application for the permit to extract the mineral resources.

 

	Quantity/tons	current value USD/ton	Value of the deposit USD
Cobalt:	14,422	95,000	1,370,090,500
Nickel:	294.500	13.040	3.840.280.000
Chromium:	396,200	2,812	1,114,114,000

 

Chromium and chromium compounds are used for diverse applications due to its corrosion and tarnish resistance. The most important deposits are located in South Africa, Kazakhstan, India, Zimbabwe, and Finland.

The current chromium price is 2,812 USD/ton.
The price development from 01/03/2017 to 22/03/2018
(from 2,699 USD/ton to 2,812 USD/ton) = +5%