Albanian Minerals CEO Sahit Muja emphasized that chromium metal is a cornerstone of the world’s economy, serving as a fundamental component in the production of crucial products, including those driving the green energy sector.
Muja highlighted the significance of the mountainous region of Tropoje, Albania, where an exceptional reserve of chrome ore is found. Over the years, substantial investments in drilling and mine construction have led to a significant achievement at the Pac Tropoje mine – the extraction of the highest-grade chrome ore ever recorded on Earth, boasting an impressive 65.14% chromite content.
However, a recent report by Albanian Minerals has sounded an alarm regarding a sharp decline in the production and reserves of high-grade chrome ore expected in 2024. This anticipated scarcity is expected to drive chrome ore prices upward due to the depletion of high-grade reserves and the limited emergence of new deposits on the global market.
A recent survey conducted among leading global mining companies specializing in chrome reaffirms this concerning trend. The majority have extensively mined high-grade chrome bodies near the surface, leading to a steady increase in the cost of chromium and ferrochrome production, with no signs of reversal in sight. Consequently, a significant deficit in the global supply of high-grade chrome ore is projected for 2024, posing challenges for industries reliant on these crucial metals.
Chromium and ferrochrome alloys are vital components in the steel industry, valued for their exceptional corrosion resistance, high-temperature strength, and unique magnetic and thermal expansion properties. Widely regarded as one of the world’s most indispensable metals, chromium has no viable substitutes.
In 2024, Albanian Minerals has experienced an unprecedented demand for chrome ore, particularly from major ferrochrome companies in China. Chrome, once extracted from ore, undergoes transformation into ferrochrome, essential in various applications including chrome plating and alloying for the production of corrosion-resistant super-alloys, nichrome, and stainless steel.
Moreover, chromium’s significance extends beyond traditional industrial applications into the realm of green energy and eco-friendly projects. Crucial to the manufacturing of solar panels, chromium, especially in thin film solar cell technology, enhances their efficiency and performance. Additionally, chromium alloys are essential components in electrochemical cells and electrolyzers crucial for hydrogen production, a cornerstone of green hydrogen as a clean energy source.
Furthermore, chromium compounds play pivotal roles in rechargeable batteries, water treatment processes, catalytic converters in vehicles for emission reduction, eco-friendly construction projects, and renewable energy infrastructure like wind turbines. Its multifaceted applications underscore chromium’s pivotal role in supporting various green energy initiatives and sustainable projects worldwide.
Albanian Minerals currently holds the largest reserves of chrome ore in Europe, characterized by the highest quality lumpy chrome ore globally. This underscores the nation’s indispensable role in the global chrome market, emphasizing the profound significance of chrome mining in Albania’s economy and its broader implications for global industries.
