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Glencore International is reported to be close to a deal for a 24% stake in India's High Carbon Ferro Chrome Producer Cronimet Alloys.
Cronimet has ambitious plans to be a large scale integrated Ferro Chrome producer. As well as their plant in Andhra Pradesh, they are developing a major high carbon Ferro Chrome project at Kolathpangi in Orissa and in June 2011 acquired the Turkish miner Atlanta Madencilik Ve Sanayi Ticaret Anonim Siketi, which has seven Chrome ore and three Manganese projects.
Earlier this year, Glencore raised $11 billion to fund foreign acquisitions such as Marcobre SAC, a major Copper project in Peru and Australian Nickel miner Minara Resources.
