Chrome ore shipped by insolvent trading company arrested in SA

Chrome ore shipments valued at about $1 million were arrested in South African ports this week as a Chinese bank and a logistics agent in Mozambique, both creditors of insolvent trading house Metalmin Metals & Minerals, pursued the material.

A cargo of 4,905 tonnes of chrome ore concentrates was arrested in Richards Bay on a ship, the MV Red Fin, which was on its way to China from Maputo, Mozambique. A smaller cargo was arrested in Durban.
The large shipment was sold at auction by the Sheriff of the High Court of South Africa, Lower Umfolozi/Empangeni, on Monday April 7, and is on its way to a new buyer in China.
Lawyers acting for LBH Mozambique, a former cargo agent of Metalmin Metals & Minerals that was owed payments for previous services, had the material arrested, warding off the China Construction Bank Corp, which had been financing Metalmin and was pledged Metalmin material under an earlier agreement.

Metalmin Metals & Minerals, the China Construction Bank and LBH signed a Tri-Partite Agreement that Metalmin’s commodities...

Published

Janie Davies

April 10, 2014

18:23 GMT

London