LONDON, Jan. 16, 2018 /CNW/ - Meridian Mining SE (TSX
V: MNO) ("Meridian " or the "Company") today announced 2017
production and sales results for Meridian's high-grade manganese
project located in the state of Rondônia, in
northwestern Brazil.
- Produced 51,580 tonnes of manganese product for year ending
December 31, 2017
- Sold 48,943 tonnes of manganese product for year ending
December, 31, 2017
- Completed the upgrade and commissioning of the Jaburi
Plant
"In 2017 we substantially increased both production and sales of
our high grade manganese product which a fantastic achievement
considering we were upgrading the Jaburi plant for most of Q3 &
Q4. During the upgrade, we had to rely on our older Rio Madeira
plant." said Anthony Julien, President and CEO of Meridian.
"With growing demand from both domestic and international
customers, and an increase in pre-sales for 2018, the company's
focus is to ramp up output from the Jaburi plant while improving
the capacity of the Rio Madeira plant to meet our expanded sales
commitments for 2018."
Production
Meridian produced 16,786 tonnes of manganese product in the
fourth quarter of 2017 versus 13,326 tonnes in the fourth quarter
of 2016, a 25% increase in production over the prior year period.
Production for 2017 totalled 51,580 tonnes compared with 34,622
tonnes in 2016, a 48% increase over the prior year.
The construction of the Jaburi plant meant that for most of Q3
& Q4, the company was relying on production from the Rio
Madeira plant. Construction of the Jaburi pilot plant and
installation of all processing equipment is now completed.
Sales
Meridian sold 21,974 tonnes of manganese product in the fourth
quarter of 2017 versus 19,592 tonnes in the fourth quarter of 2016,
a 12% increase in sales over the prior year period. Sales for 2017
totalled 48,943 tonnes compared with 39,820 tonnes in 2016, a 22%
increase over the prior year.
In addition, during the fourth quarter of 2017 Meridian
announced on October 31, 2017 offtake
and pre-payment for 38,000 tonnes of which 20,000 tonnes was
pre-paid, with shipments to begin in January. The sales team
continues to target speciality applications in the battery,
fertilizer, welding and steel industries, which recognize a premium
for the high quality of Meridian's product.
CIF Tianjin benchmark pricing for 44% manganese was US$6.92
per dmtu as of January 5,
2018 versus US$1.86 per dmtu as
of January 4,
2017. (source: www.metalbulletin.com).
QUALIFIED PERSON
The technical information about the Company's production and
sales activities has been prepared under the supervision of and
verified by Carlos Braga (B.Sc.,
MBA, member of the Chilean Mining Commission), the Chief Operating
Officer of Meridian Mining, who is a "qualified person" within the
meaning of National Instrument 43-101.
On behalf of the Board of Directors of
Meridian Mining SE
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining SE is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused
on exploring and developing the Espigão manganese and gold
projects, the Bom Futuro tin JV area, and adjacent areas in the
state of Rondônia. The Company employs a two-pronged strategy
with the objective of growing pilot production while advancing a
parallel multi-commodity regional exploration program.
Meridian is currently producing high grade manganese at its
project located at Espigão do Oeste.
Further information can be found at www.meridianmining.co.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking
information or forward-looking statements for the purposes of
applicable securities laws. These statements include, among others,
statements with respect to the Company's plans for exploration and
development of its properties and potential mineralization. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such risk
factors include, among others, failure to obtain regulatory
approvals, failure to complete anticipated transactions, the timing
and success of future exploration and development activities,
exploration and development risks, title matters, inability to
obtain any required third party consents, operating hazards, metal
prices, political and economic factors, competitive factors,
general economic conditions, relationships with strategic partners,
governmental regulation and supervision, seasonality, technological
change, industry practices and one-time events. In making the
forward-looking statements, the Company has applied several
material assumptions including, but not limited to, the assumptions
that: (1) the proposed exploration and development of mineral
projects will proceed as planned; (2) market fundamentals will
result in sustained metals and minerals prices and (3) any
additional financing needed will be available on reasonable terms.
The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise except as otherwise
required by applicable securities legislation.
The Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate has been established. In particular, because the Company's
production decision relating to BMC's manganese project is not
based upon a feasibility study of mineral reserves, the economic
and technical viability of the Espigão manganese project has not
been established.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed Arrangement and has neither approved nor disapproved
the contents of this news release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.