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On February 21, 2024, it was announced that Oman's Suhar Free Trade Zone had started trial production of its low-carbon ferrochrome project in January, with a planned annual production capacity of 10,000 tons. The low-carbon ferrochrome project is controlled by Gulf Alloy and Metals (with 20% stake in Oman Chromite), and Gulf Alloy and Metals invested $9 million in the project, covering an area of 37,000 square meters. The commercialization process of low-carbon ferrochrome is expected to be completed by 2024, with the target audience being stainless steel producers.
Another investor, Safe Alloy, is also building a low-carbon ferrochrome smelting plant in the Suhar Free Trade Zone, with a planned investment of 18 million US dollars and an annual production capacity of 16,500 tons.