TIDMFAR
RNS Number : 5462W
Ferro-Alloy Resources Limited
18 April 2019
Ferro-Alloy Resources Limited / Index: LSE / Epic: FAR / Sector:
Natural Resources
18 April 2019
Ferro-Alloy Resources Limited
("Ferro-Alloy" or "the Company")
Operations Update
Ferro-Alloy Resources Limited, the vanadium mining and
processing company with operations based in Southern Kazakhstan, is
pleased to announce an operations update ahead of the publication
of its final results for the year ended 31 December 2018.
Ferro-Alloy was admitted to trading on the Main Market of the
London Stock exchange in March 2019 and raised GBP5.2 million on
admission ("Admission"). As indicated at the time of Admission,
part of this funding is to be utilised to expand production at the
existing vanadium concentrate processing operation (the "Existing
Operation"), where the target is to expand production to around
1,500 tonnes per annum, as well as conduct preliminary work on the
main project to produce 22,500 tonnes per year from the
Balasausqandiq mine ("the Mine").
Work on the expansion has gained momentum, financed both by
operating earnings and the raising of funds on Admission, and the
Company is pleased to confirm that there have been a number of
developments at the Existing Operation including;
-- various items of equipment have started to arrive on site,
including a rotating pre-roasting oven, six new 16 cubic metre
leach tanks for the acid leaching of the low-grade wastes, and a
further receiving tank for roasted material from the main roaster
has been installed;
-- the engineering design work for the connection to the
adjacent high voltage power line has been completed and contracts
are being finalised which will provide the greater power required
by the expanded plant at a lower cost, and will eliminate power
outages and instability;
-- the detailed design of a 990 square metre extension of the
plant building and electrometallurgical and recrystallisation
equipment have been completed, procurement contracts for the steel
and panels have been let, and work on the foundations has already
commenced;
-- a 25-tonne mobile crane, an additional loader, and three site
transport vehicles have been acquired
-- accommodation for an additional 24 site construction workers
has been installed and work has started on an additional floor of
accommodation for company workers
The Company's final results for the year ended 31 December 2018
will be announced on 30 April 2019.
Nick Bridgen, CEO, commented: "Following our listing on the
London Stock Exchange, I have been impressed by the commitment of
our on-site team and the efficiency with which we have been able to
design, acquire and install equipment. The potential of
Balasausqandiq vanadium deposit, with a reserve of over 70 million
tonnes estimated on a locally required basis, cannot be understated
with its unique geology, industry leading low costs and capex, and
its significant scale".
For further information, visit www.ferro-alloy.com or
contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited
Shard Capital Partners
LLP
(Corporate Adviser
& Broker) Dr Wang Chong +44 207 186 9948
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Gaby
Adviser) Jenner +44 207 236 1177
Further information about Ferro-Alloy Resources Limited
The Company's operations are all located at the Balasausqandiq
Deposit in Kyzylordinskaya 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 profitable vanadium concentrate processing
operation (the "Existing Operation")
Balasausqandiq is a very large deposit, situated in
Kyzylordinskaya Oblast in Southern Kazakhstan. The ore contains
vanadium as the principal product, together with by-products of
carbon, molybdenum, uranium, rare earth metals, potassium, and
aluminium.
A reserve on the JORC 2012 basis has been estimated only the
first ore-body number which amounts to 23 million tonnes, not
including the small amounts of near-surface oxidised material which
is in the Inferred resource category. 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 2-5.
There is an additional existing concentrate processing operation
is situated 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 adapted to treat low-grade
concentrates and is now in the process of being expanded and
further adapted to treat a wider variety of raw-materials.
The Company has already completed the first steps of a
development plan which is expected to result in annualised
production capacity increasing gradually to around 1,500 tonnes of
contained vanadium pentoxide. The development plan includes
upgrades to infrastructure, an extension to the existing factory
and the installation of equipment to increase the throughput and to
add the facilities to convert ammonium metavanadate (AMV) into
vanadium pentoxide.
The strategy of the Company is to develop both the Existing
Operation and the Project in parallel. Although they are located on
the same site and use some of the same infrastructure, they are
separate operations.
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.
END
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