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The Associated Press April 23, 2010, 1:12PM ET

Turkish-Chinese group invests in Albanian chrome

A Turkish-Chinese consortium says it has signed a $25 million (euro18.78 million) agreement with Albania to mine and process chrome.

The 35-year deal will allow Turkey's Kurum Energy, Resources and Metallurgy Sh.a. and China's Sichuan Jiannanchun International Group Ltd. to explore two chrome mines and renovate enrichment plants. The consortium is expected to produce up to 60,000 tons of ferro-chromium every year, it said in a statement Friday.

Albania has deposits of some six million tons of chrome and copper ore located near the border with Kosovo.

The statement said the deal was expected to create hundreds of jobs. Albania is one of Europe's poorest countries.

Eds: APNewsNow. CORRECTS enriched chromium to ferro-chromium in graf 2.


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