South African ferrochrome producer Asa Metals has not been affected by its Chinese parent company Sinosteel delaying bond and interest payments last week, a source close to the company said Monday.
Asa Metals is 60%-owned by Sinosteel and 40% by the local Limpopo Economic Development Enterprise.
The 400,000 mt/year smelter restarted output on September 16 following a two-month closure due to higher power rates during the quarter.
It is currently producing 5,000 mt/month, the producer's sales agent said.
Sinosteel said last week it postponed to November 16 five-year bond and interest payments that were due October 20.
