Previously Chrometco. Chrometco (CMO) is a company involved in the exploration and mining of chrome. Chrometco is obviously dependent on the international price of chrome and has all the risks associated with a mining company and a commodity share.
In its results for the six months to 31st August 2021 the company reported revenue down 43,6% and a headline loss per share of 2,02c compared with a loss of 2,95c in the previous period. The company said, "...the Group has been under severe financial pressure due to the prevailing chrome market as well as the ongoing impact of Covid-19 on operations. This resulted in Sail Contracting being placed in provisional liquidation on 5 July 2021 and the flagship operation, Black Chrome Mine, being put into care and maintenance soon thereafter. As at 31 August 2021, the Group’s current liabilities exceed its current assets by R922.3 million (28 February 2021: R540.3 million). There is however still a material uncertainty if the Group will be able to meet its obligations."
In addition, this share has very thin volumes traded which makes it relatively risky for the private investor. Essentially, it is a penny stock in a risky commodity which could easily fall into bankruptcy if the chrome price falls.
On 14th June 2022 the company announced that it had placed its Black Chrome Mine in business rescue.
On 1st July 2022 the JSE warned that CMO had missed the deadline to publish its financials within 4 months of its financial period end.
On 18th July 2022 Business Day reported that the JSE had suspended Chrometco shares. The shares were still suspended on 28th March 2024 pending the publication of the financial results.
In a suspension report on 28th June 2024 the company said, "In respect of the late publication of the Company's Provisional Report, the Company has been struggling in its appointment of new auditors due to three subsidiaries within the group, Black Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary Limited and Sail Minerals Proprietary Limited, being in Business Rescue."
In an update on 30th September 2024 the company said, "Trading in the Company's shares remain suspended due to the late publication of the annual financial statements for the years ended 28 February 2022, 28 February 2023 and 29 February 2024 ("Annual Results") and the subsequent interim results for the six months ended 31 August 2022 and 31 August 2023 ("Interim Reports")."
In an update on 3rd April 2025 the company said, "The Business rescue plan for the Company's subsidiary, Black Chrome Mine (Pty) Ltd ("BCM"), was approved and the Business Rescue Practitioner ("BRP") decided to proceed with a Mine Restart and Trade Out Plan ("Plan")."
In its results for the six months to 31st August 2021 the company reported revenue down 43,6% and a headline loss per share of 2,02c compared with a loss of 2,95c in the previous period. The company said, "...the Group has been under severe financial pressure due to the prevailing chrome market as well as the ongoing impact of Covid-19 on operations. This resulted in Sail Contracting being placed in provisional liquidation on 5 July 2021 and the flagship operation, Black Chrome Mine, being put into care and maintenance soon thereafter. As at 31 August 2021, the Group’s current liabilities exceed its current assets by R922.3 million (28 February 2021: R540.3 million). There is however still a material uncertainty if the Group will be able to meet its obligations."
In addition, this share has very thin volumes traded which makes it relatively risky for the private investor. Essentially, it is a penny stock in a risky commodity which could easily fall into bankruptcy if the chrome price falls.
On 14th June 2022 the company announced that it had placed its Black Chrome Mine in business rescue.
On 1st July 2022 the JSE warned that CMO had missed the deadline to publish its financials within 4 months of its financial period end.
On 18th July 2022 Business Day reported that the JSE had suspended Chrometco shares. The shares were still suspended on 28th March 2024 pending the publication of the financial results.
In a suspension report on 28th June 2024 the company said, "In respect of the late publication of the Company's Provisional Report, the Company has been struggling in its appointment of new auditors due to three subsidiaries within the group, Black Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary Limited and Sail Minerals Proprietary Limited, being in Business Rescue."
In an update on 30th September 2024 the company said, "Trading in the Company's shares remain suspended due to the late publication of the annual financial statements for the years ended 28 February 2022, 28 February 2023 and 29 February 2024 ("Annual Results") and the subsequent interim results for the six months ended 31 August 2022 and 31 August 2023 ("Interim Reports")."
In an update on 3rd April 2025 the company said, "The Business rescue plan for the Company's subsidiary, Black Chrome Mine (Pty) Ltd ("BCM"), was approved and the Business Rescue Practitioner ("BRP") decided to proceed with a Mine Restart and Trade Out Plan ("Plan")."
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.