Oriel Recources to buy chrome field in Kazakhstan for $25 m.

/REUTERS, Almaty, November 24, 04/ - British Oriel Resources plc will buy for $25 m. chrome field in Kazakhstan, reserves of which are equal to about 19 m. tons, for alloys supply to steel industry. Oriel Resources plc has informed about signing of exclusive agreement with Callum Finance about purchase of Kazakhstan company Geoinvest with Voskhod field, which belongs to it and which is situated near the biggest in the world chrome field Donskoye, which belongs to Kazakhstan company Kazchrome. A representative of the board of directors and chief executive director of Oriel Sergey Kurzin said purchasing of Voskhod field has the same meaning that Shevchenskoye nickel field in the north of Kazakhstan, which plans to produce metal since 2008 in the volume of 31,000 tons. Oriel, whose shares are circulating at London stock exchange, this summer said it planned to invest about $350 m. into metallurgical complex for production of nickel and ferronickel and about beginning of building a combine at Shevchenskoye field in the year 2005. Prices for chrome products grew within the last years because of growing demand in China. According to British company's data, Viskhod's reserves are equal to 18.7 m. tons of 46%-content chrome concentrate with. Oriel plans to finish preparation of TEA project by the middle of 2005. Oriel Resources also develops Varvarinsk copper-gold field in Kazakhstan. [2004-11-24]