TIDMFRG
RNS Number : 7244K
Firering Strategic Minerals PLC
30 August 2023
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM /
Sector: Mining
30 August 2023
Firering Strategic Minerals Plc
("Firering" or the "Company")
Commissioning Commences at Limeco Resources' Lime Plant
Firering, an exploration and development company focusing on
strategic minerals, is pleased to announce the successful
commissioning of the crushing system to produce aggregates and the
finalisation of the design work for the modification and
commissioning of the lime kilns at the Zambian Lime plant owned by
Limeco Resources Limited ("Limeco"). Firering has an option to
acquire up to 28.33% (RNS: 17 August 2023) of Limeco, which is
expected to be profitable and delivering cashflow within 12-24
months.
Highlights
-- Successful commissioning of the crushing system:
o Two-stage crushing circuit with an installed primary
throughput of 500tph of limestone.
o Crushing system adapted to produce aggregate to enhance
cashflow during kiln renovations.
o Ramping up of aggregate production during the coming months
with first aggregate sales expected shortly.
o Estimated stockpile of over 250,000 tonnes waste rock
available for initial production of aggregate.
o Aggregates are mainly used in the construction industry to
support foundations, provide drainage and to produce concrete and
asphalt.
-- Final design work to upgrade all eight kilns has been completed:
o Firering's technical team is assisting the local technical
team with upgrade design.
o Commissioning of the 8 kilns expected to commence gradually
with the first two kilns expected to be commissioned during Q4
2023.
o Estimated limestone stockpile of over 150,000 tonnes available
for initial production of quicklime while reopening the existing
limestone quarry with an estimated in-situ resource of 73.7Mt @
95.3% CaCO(3) .*
o Discussions for quicklime offtake by major copper producers
are advancing.
Yuval Cohen, Chief Executive Officer of Firering, said:
"We are excited to announce the successful commissioning of the
crushing system that has produced its first aggregate by crushing
waste from the waste stockpile at Limeco. Limeco is now in the
process of ramping up this aggregate production, which will enhance
its cashflow during the kiln modifications and plant commissioning.
Once commissioned, limestone feed will come from the existing c.
150,000t stockpile adjacent to the primary crusher. Design work for
the kiln commissioning is also completed and the eight kilns will
be modified two at a time, with the first two kilns planned for
commissioning during Q4 2023.
"Firering's decision to enter into the option agreement with
Limeco Resources was led by the opportunity to provide our
shareholders with exposure to a project that can be brought into
production relatively quickly, capable of delivering cashflow in a
relatively short space of time. We will continue to update
shareholders on the progress made on site as we work with our
partners to advance this quality project to production."
*** ENDS ***
For further information and updates on Firering's exploration
programme, visit www.fireringplc.com or contact the following:
Firering Strategic Minerals Tel: +44 20 7236
Yuval Cohen 1177
Vassilios Carellas
SPARK Advisory Partners Limited Tel: +44 20 3368
Nominated Adviser 3550
Neil Baldwin / James Keeshan / Adam
Dawes
Optiva Securities Limited Tel: +44 20 3137
Broker 1903
Christian Dennis / Daniel Ingram
St Brides Partners Limited T: +44 20 7236
Financial PR 1177
Ana Ribeiro / Susie Geliher / Isabelle E: firering @stbridespartners.co.uk
Morris
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
*The non-JORC compliant resource is based on all available
drilling data as at August 2017. The Mineral Resources estimates
are at this stage reported as an in situ Mineral Resources estimate
only, as further work is required in order to be able to report the
Mineral Resources estimates in accordance with the guiding
principles and minimum standards set out in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves" (the JORC Code) and the Company's
internal estimates, which are also not JORC compliant, are still
subject to verification, validation, and external review;
accordingly, such numbers are provided for guidance only. There can
be no guarantee the final JORC-compliant resource estimate will
reconcile with these early-stage calculations. The Company intends
to commission a JORC compliant report when operations have been
fully commissioned.
Notes to Editors:
Firering Strategic Minerals
Firering Strategic Minerals plc is an AIM-quoted mining company
focused on exploring and developing a portfolio of mines producing
strategic minerals in Côte d'Ivoire, specifically lithium and
tantalum, to support the global transition to net zero emissions.
It operates the Atex Lithium-Tantalum Project in northern Côte
d'Ivoire, which is prospective for both lithium and tantalum.
Firering's main focus is working together with Australian
diversified minerals company Ricca Resources to advance development
at Atex with a view to establishing a maiden lithium resource and
then progressing a Lithium project through to DFS. Firering is also
assessing pilot scale production of ethically sourced tantalum and
niobium to generate early revenues and support further exploration
work. Should pilot production be successful, a large-scale tantalum
production facility may be developed, which will be supported by a
debt facility of FCFA 5,057,000,000 (approximately EUR7,500,000)
currently under negotiation to fund the entire scale-up plan to
develop a portfolio of ethically sourced mineral projects in the
Côte d'Ivoire, supplying EV batteries, high tech electronics and
other fast-growing end markets.
Firering also has an option to acquire up to 28.33% of Limeco
Resources Limited which is commissioning a lime plant in Zambia and
is expected to reach full production and first sales by the end of
2023.
Limeco Resources
Limeco was initially established by Glencore plc due to the
shortage of quicklime in Zambia and the need for quicklime at its
Mopane operations in Zambia. In total, over $US100m has been
invested in establishing the limestone quarry and constructing the
current lime plant. The lime plant consists of a two-stage crushing
circuit with an installed primary throughput of 500tph of
limestone, and a quicklime production unit comprising eight kilns
for burning crushed limestone to produce between 500 and 600 tonnes
of quicklime per day.
In October 2017, Golder Associates visited Limeco and produced
an in-situ mineral resource estimate of 73.7Mt @ 95.3% CaCO(3)
(Source: Golder Associates, report 1776596-002-R-Rev0, 05 October
2017).
First geological mapping and diamond drilling were completed in
2012 when 37 drill holes were drilled with an average depth of 66m
for a total of 2,517m. This was followed by the development of a
resource model in 2013. A further drilling programme (23 drillholes
totalling 1,610m) was then completed southeast of the drilling done
in 2012. This was followed in 2017 with an infill drilling
programme comprising another 65 drillholes totalling 4,022m.
Limestone production from the quarry commenced in March 2016 and
ceased in January 2017. Crushed limestone (-90mm +60mm) was fed to
only two kilns during that time. The majority of the blasted
limestone was stockpiled adjacent to the primary crusher and will
serve as initial feedstock when the kilns are being commissioned. T
he circa US$100 million investment was made via a shareholders'
loan into Limeco. This loan remains outstanding to the current
Vendors of Limeco, in proportion to their shareholdings.
Forward-Looking Statements
This announcement may contain some references to forecasts,
estimates, assumptions and other forward-looking statements.
Although the Company believes that its expectations, estimates and
forecast outcomes are based on reasonable assumptions, it can give
no assurance that they will be achieved. They may be affected by a
variety of variables and changes in underlying assumptions that are
subject to risk factors associated with the nature of the business,
which could cause actual results to differ materially from those
expressed herein.
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END
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