Larco Mining Company, European Union’s only nickel smelter could wind up operations soon as Greece can no longer afford to finance the facility, according to local media.
The government has given the state-owned facility a year to find an investor or file bankruptcy, reported Ekathimerini.com. The state has intervened and appointed an administrator from March onwards to monitor Larco’s operating costs through a final cash infusion by the state until the company’s privatisation.
Larco is Europe’s largest ferronickel producer. Larco’s smelting plant is located in Larymna, Greece. The basic production line consists of four rotary kilns, five electrical furnaces and two OBM-type converters. There are also secondary units including units to produce oxygen and nitrogen, magnetic separation and grinding units.