TIDMFAR
RNS Number : 1455G
Ferro-Alloy Resources Limited
17 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (INCLUDING AS IT
FORMS PART OF THE LAWS OF ENGLAND AND WALES BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
17 July 2023
Ferro-Alloy Resources Limited
("Ferro-Alloy" or the "Group" or the "Company")
Existing Operation H1 Production Results
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer
and developer of the large Balasausqandiq vanadium deposit in
Southern Kazakhstan , is pleased to announce the production results
of the Group's existing operation for the first half of 2023.
Highlights
-- All factory upgrades previously announced, focussed on
increasing production and recovering more value from each tonne
treated, now completed and in operation
-- Following these upgrades, Q2 2023 was the best production
quarter achieved by the Group to date in terms of both tonnes of
concentrates treated and tonnes of metal recovered across all
product lines
-- Secondary repulpation circuit for further vanadium recovery now in operation
-- Successful conversion of ammonium metavanadate to vanadium
pentoxide in new drying oven, dependent on customer
requirements
-- All roasting equipment used by the Group to be powered by
natural liquid gas, rather than diesel, from Q3 2023 onwards
increasing reliability of supply, lowering costs and reducing
emissions
-- Further contracts for vanadium concentrate supplies signed by
the Group to increase reliability of supply
-- Contracts for selling nickel concentrate with new customers
on improved commercial terms have been signed
H1 2023 Production Results
2022 2023 YTD
Q1 Q2 Q3 Q4 2022 Q1 Q2 H1 TOTAL
TOTAL
------ ------ -------- ---------
Tonnes of
concentrate
processed 502.3 644.9 538.4 396.2 2,081.8 194.1 1,016.6 1,210.7
------ ------ ------ ------ -------- ------ -------- ---------
Tonnes of
vanadium pentoxide
produced* 81.1 91.7 69.9 62.8 305.5 31.3 141.4 172.7
------ ------ ------ ------ -------- ------ -------- ---------
Tonnes of
molybdenum
produced** 11.3 10.4 11.0 3.3 36.0 6.5 14.1 20.6
------ ------ ------ ------ -------- ------ -------- ---------
Tonnes of
nickel produced*** 25.1 32.2 26.9 19.8 104.0 9.7 50.8 60.5
------ ------ ------ ------ -------- ------ -------- ---------
* as ammonium metavanadate
** as ferro-molybdenum
*** as nickel concentrate
It is the Company's intention to update shareholders on
production on a quarterly basis.
Commenting on the production results, Nick Bridgen, CEO of
Ferro-Alloy Resources said:
"I a m delighted to report that the plant modifications are now
complete and operating efficiently, as demonstrated by our Q2
production figures. Crucially, we now recover the maximum of all
the valuable components of the raw materials meaning a great deal
more value is extracted from each tonne treated and no tailings or
other residues remain on site.
With the plant now operating in steady-state and additional
concentrate supply contracts in place going into the second half of
the year, we expect production to continue on this upward
trajectory."
For further information, visit www.ferro-alloy.com or contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited / William Callewaert
(CFO)
Shore Capital Toby Gibbs/Lucy Bowden
(Joint Corporate Broker) +44 207 408 4090
Liberum Capital Limited Scott Mathieson/Kane
(Joint Corporate Broker) Collings/William King +44 20 3100 2000
------------------------ ---------------------
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Ana
Adviser) Ribeiro +44 207 236 1177
------------------------ ---------------------
About Ferro-Alloy Resources Limited:
The Company's operations are all located at the Balasausqandiq
deposit in Kyzylordinskoye Oblast in the South of Kazakhstan.
Currently the Company has two main business activities:
a) the high grade Balasausqandiq vanadium project (the
"Project"); and
b) an existing vanadium concentrate processing operation (the
"Existing Operation")
Balasausqandiq is a very large deposit, with vanadium as the
principal product together with several by-products. Owing to the
nature of the ore, the capital and operating costs of development
are very much lower than for other vanadium projects.
The most recent mineral resource estimate for ore-body one (of
seven) provided an Indicated Mineral Resource of 32.9 million
tonnes at a mean grade of 0.62% V(2) O(5) equating to 203,364
contained tonnes of vanadium pentoxide ("V(2) O(5) "). In the
system of reserve estimation used in Kazakhstan the reserves are
estimated to be over 70m tonnes in ore-bodies 1 to 5 but this does
not include the full depth of ore-bodies 2 to 5 or the remaining
ore-bodies which remain substantially unexplored.
The Project will be developed in two phases, Phase 1 and Phase
2, treating 1m tonnes per year and an additional 3m tonnes per
year. Production will be some 5,600 tonnes of V(2) O(5) from Phase
1, rising to 22,400 tonnes V(2) O(5) after Phase 2 is
commissioned.
There is an existing concentrate processing operation at the
site of the Balasausqandiq deposit. The production facilities were
originally created from a 15,000 tonnes per year pilot plant which
was then expanded and adapted to recover vanadium, molybdenum and
nickel from purchased concentrates.
The existing operation is located on the same site and uses some
of the same infrastructure as the Project, but is a separate
operation which will continue in parallel with the development and
operation of the Project.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLMZGMNKVLGFZM
(END) Dow Jones Newswires
July 17, 2023 02:00 ET (06:00 GMT)
Ferro-alloy Resources (LSE:FAR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Ferro-alloy Resources (LSE:FAR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
