Red Rock receives loan repayment from Steelmin for Bosnia smelter


Red Rock Resources PLC said Wednesday that Steelmin Ltd has repaid the full loan that Red Rock had extended to Steelmin for smelter refurbishment last June.

The natural resource exploration and development company said that Steelmin repaid the full EUR4.3 million sum of the loan, which it used to refurbish and recommission a ferrosilicon smelter in Jajce, Bosnia.

Steelmin has forecast first production from the smelter for April this year.

Steelmin's plant will initially consist of the refurbished Furnace V, which will produce 29,000 tonnes of ferrosilicon per annum and 5,800 tonnes of microsilica, and after a planned, but as yet unfunded, refurbishment of a second furnace, it will have a combined annual capacity of 48,720 tonnes ferrosilicon and 9,700 tonnes of microsilica.