Ferro-Alloy Resources Limited Confirmation of cancellation of listing from KASE (7983D)
February 21 2020 - 10:18AM
UK Regulatory
TIDMFAR
RNS Number : 7983D
Ferro-Alloy Resources Limited
21 February 2020
Ferro-Alloy Resources Limited / Index: LSE / Epic: FAR / Sector:
Natural Resources
21 February 2020
Ferro-Alloy Resources Limited
("Ferro-Alloy" or "the Company")
Confirmation of cancellation of listing from KASE
Further to the announcement of 8 January 2020, Ferro-Alloy
Resources Limited, the vanadium mining and processing company with
operations based in Southern Kazakhstan, confirms that its listing
on the Kazakhstan Stock Exchange ("KASE") has now been
cancelled.
Shares in Ferro-Alloy are traded on the London Stock Exchange
(LSE: FAR) and Astana International Exchange (AIX:FAR) in
Kazakhstan, and are fully fungible between both exchanges.
For further information, visit www.ferro-alloy.com or
contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited
Shore Capital Stockbrokers
Limited Corporate Jerry Keen / Toby
(Broker) Gibbs +44 207 408 4050
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Priit
Adviser) Piip +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 Balasausqandiq Vanadium Project (the "Project"); and
(b) a 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. On the locally required
basis, the reserves have been 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.
Development of the Project is planned in two phases. Phase 1
will produce 5,600 tonnes per year of vanadium pentoxide, and Phase
2 will bring the total to 22,400 tonnes per year plus approximately
one third of revenue from by products. Owing to the particular
characteristics of the ore which enables a much lower cost process
to be used, the Company expects to be the world's lowest cost
producer.
The vanadium 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 vanadium-containing 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 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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February 21, 2020 11:18 ET (16:18 GMT)
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