Ferro-Alloy Resources Limited Result of AGM (8161D)
November 02 2020 - 1:00AM
UK Regulatory
TIDMFAR
RNS Number : 8161D
Ferro-Alloy Resources Limited
02 November 2020
2 November 2020
Ferro-Alloy Resources Limited
("Ferro-Alloy" or "the Company")
Result of AGM
Ferro-Alloy Resources Limited, the vanadium mining and
processing company with operations based in Southern Kazakhstan, is
pleased to announce that at the Annual General Meeting held on 30
October 2020, all resolutions were duly passed.
For further information, visit www.ferro-alloy.com or
contact:
Ferro-Alloy Resources Limited
Nick Bridgen, Chief Executive Officer info@ferro-alloy.com
Shore Capital (Broker)
Corporate Advisory: Toby Gibbs / Mark Percy / John More Tel: +44 (0)207 408 4090
Corporate Broking: Jerry Keen
VSA Capital (Financial Adviser) Tel: +44 (0)203 005 5000
Andrew Monk / Simon Barton
St Brides Partners Limited (Financial PR & IR Adviser)
Catherine Leftley / Megan Dennison Tel: +44 (0)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 vanadium concentrate processing operation (the "Existing Operation")
Balasausqandiq is a very large deposit, with vanadium as the
principal product, together with by-products of carbon, molybdenum,
uranium, rare earth metals, potassium, and aluminium. Owing to the
nature of the ore, the capital and operating costs of development
are very much lower than for other vanadium projects.
A reserve on the JORC 2012 basis has been estimated only for the
first ore-body (of five) which amounts to 23 million tonnes, not
including the small amounts of near-surface oxidised material which
is in the Inferred resource category. 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 2-5.
The existing 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 for the existing operation 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 and then to ferro-vanadium.
The strategy of the Company is to develop both the project and
the Existing Operation 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.
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
RAGMMBITMTAJBPM
(END) Dow Jones Newswires
November 02, 2020 02:00 ET (07:00 GMT)
Ferro-alloy Resources (LSE:FAR)
Historical Stock Chart
From Apr 2024 to May 2024
Ferro-alloy Resources (LSE:FAR)
Historical Stock Chart
From May 2023 to May 2024