Go back

The visit of the ICMM Board to the company “NewCo Ferronikeli Complex” LLC

After receiving the news from the media on the business difficulties of the company NewCo Ferro-nikeli Complex LLC, the ICMM Board comprised of Musa Shabani Chairman of the Board, Board Members Azem Rexhaj and Avdi Konjuhi visited this company on 06.04.2016.

ICMM Board was hosted by the Director General of the Company Mr. Miltiadis Tragakis, Mr. Gani Canolli Deputy Director General and Mr. Nasuf Mjekiqi Director of Ferronickel Mines.

During the meeting Mr. Tragakis informed the ICMM Board on difficult situation of the business that this company is now, which is as the result of several external and internal factors.

According to him, the main factors that have brought the company NewCo Ferronikeli Complex LLC in these difficulties are;
1. Metal prices falling especially of Nickel on world markets,
2. The high price for megawatt of electricity in Kosovo – for industries such as ferronickel
3. Impossibility of using some of the ore reserves because of the inability to relocate the paved road and railway in Glavica mine.

The ICMM Board, chaired by Musa Shabani offered support to the company to overcome this situation, by ensuring that ICMM is ready to offer support together with other relevant institutions to help the company in overcoming the crisis certainly relying within the legal responsibilities that the ICMM has.