Albania’s leading chrome mining company, owned by Balfin Group and businessman Saimir Mane is to be sold to a Turkish company according to reports.
Turkish owned Yildirim Group is set to complete the acquisition of Albchrome by the end of January, according to the President and CEO of the group, Robert Yildirim.
The deal will be an “all-cash purchase” and the sum has not been made public. The final price is to be determined based on Albchrome’s existing inventories as the largest chrome ore and ferro-chrome producer in Albania.
“We will be completing the purchase next month. We are hoping it will be by mid-January or the end of the month,” Yildirim said.
Yildirim Group is a conglomerate with interests in mining, ports, and chemicals in more than 28 countries. Since the failed coup in Turkey, the company has been looking to expand abroad.
“Deals outside Turkey are much cheaper and better than Turkish opportunities. It is easier to deal with foreign bureaucracy than Turkish bureaucracy,” Yildirim told Bloomberg in 2017.
Albchrome has been somewhat controversial due to a number of miners deaths and serious injuries with no accountability from the company. Furthermore, protests have taken place over working conditions, low salaries, and failure to provide adequate safety materials.
Albanian Miners Bring Protest against Albchrome in Front of Prime Minister’s Office
