Ferro-Alloy Resources Limited Appointment of Chief Financial Officer (7572G)
April 01 2022 - 1:00AM
UK Regulatory
TIDMFAR
RNS Number : 7572G
Ferro-Alloy Resources Limited
01 April 2022
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018.
1 April 2022
Ferro-Alloy Resources Limited ('FAR' or the 'Company' or the
'Group')
Appointment of Chief Financial Officer
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer
and developer of the large Balasausqandiq vanadium deposit in
Southern Kazakhstan, is pleased to announce the appointment of
William Callewaert as Chief Financial Officer ("CFO"), effective
immediately.
Mr. Callewaert is an experienced finance professional, FCA
qualified and a chartered accountant (ICAEW) with over 20 years'
experience working across audit and advisory services both in the
UK and offshore. He also holds an honours degree in Law from Durham
University.
Mr. Callewaert started his career at leading tax, accounting and
business advisory firm, Blick Rothenberg before periods at Grant
Thornton and KPMG and most recently spending several years as
Director at BDO in Guernsey.
Mr Callewaert will be based in Guernsey and will be joining the
Ferro-Alloy Board of Directors with immediate effect. He does not
currently hold any ordinary shares in the Company.
Nick Bridgen, CEO, commented "On behalf of the Board, I am
delighted to welcome Will as our new Chief Financial Officer and we
look forward to benefitting from his extensive experience and
relationships. We are confident he will be a very valuable addition
to the FAR senior management team as we further d evelop our
current vanadium processing operation, and going forward the high
grade Balasausqandiq vanadium project."
William Callewaert, CFO, commented: " I am delighted to be
joining the Group and excited by the opportunities ahead. FAR's
Balasausqandiq project has the potential to become a long-life, low
cost producer of vanadium globally, in a world that needs more
vanadium to reduce its reliance on fossil fuels. I look forward to
working with Nick and his colleagues at Ferro-Alloy as we develop
this globally valuable asset."
There is no further information to disclose in accordance with
LR 9.6.13.
**ENDS**
For further information, visit www.ferro-alloy.com or contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited
+44 207 408
Shore Capital Toby Gibbs/John More 4090
(Joint Corporate Broker)
Liberum Capital Limited Scott Mathieson/Lydia +44 20 3100
(Joint Corporate Broker) Zychowska 2000
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Ana +44 207 236
Adviser) Ribeiro 1177
About Ferro Alloy Resources Limited:
The Company's operations are all located at the Balasausqandiq
deposit in Kyzylordinskoye 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 several by-products. 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 to 5.
There is an existing concentrate processing operation 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 concentrates and expanded. Further
expansion is being undertaken which is expected to result in
annualised production capacity of around 1,500 tonnes of contained
vanadium pentoxide plus significant by-product molybdenum.
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.
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END
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