Richards Bay Chrome were set up three years or so ago to compete with Bayer for the chrome salts market in South Africa. After a rocky trading performance they have now closed.
With all their component parts put up for auction they did not reach their reserve price and the highest bid of R850,000 was rejected. The bank are said to be looking for between R3 and R4 million.
The company were set up with substantial funding from the KwaZulu Develpment Corporation in order to provide employment in an area of low development.
The plant was apparently the full-scale version of a model plant constructed somewhere in Eastern Europe.
The company had already been rescued once, again with the help of the development corporation and there were also reports of Russian involvement.
