Keras Resources PLC Diamond Creek Phosphate Mine Update (8766O)
February 12 2021 - 1:00AM
UK Regulatory
TIDMKRS
RNS Number : 8766O
Keras Resources PLC
12 February 2021
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
12 February 2021
Keras Resources plc ('Keras' or the 'Company')
Diamond Creek Phosphate Mine - Construction of Processing
Plant
Keras Resources plc, the AIM listed mineral resource company, is
pleased to announce an update on progress at the Diamond Creek
high-grade direct shipping ore ('DSO'), organic phosphate mine in
Utah, USA ('Diamond Creek'), owned by the Company's 51% subsidiary,
Falcon Isle Holdings LLC.
The processing plant, which was fabricated and shipped from
Shanghai in Q4 2020, is now on site in Utah and construction is
underway. The new owner-operated plant has design capacity to
process the targeted 48,000 ton per year production rate in 2024
and will increase both the installed capacity and flexibility to
beneficiate a variety of organic phosphate products and will also
see a significant reduction in operating costs as we move away from
the current toll agreements. Commissioning remains on schedule and
the plant is expected to be operational by the end of Q1 2021.
Keras Resources CEO, Russell Lamming said: "Our expansion at
Diamond Creek continues to progress as planned and the
commissioning of the new crushing, milling and bagging facility,
which will be capable of supporting our peak production rate of
48,000 tons per year, is a key component underpinning this
strategy. We have a long life-of mine at Diamond Creek, with the
opencast resources alone representing in excess of 60 years at the
peak production rate, highlighting the long-term sustainable cash
flow we anticipate being generated from this mine. We look forward
to delivering further news regarding the commissioning of the
processing plant and our 2021 production schedule in due
course."
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Russell Lamming, Chief Executive Officer. This
announcement contains inside information for the purposes of
Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com , follow
us on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com
Nominated Adviser & Joint SP Angel Corporate Finance
Broker LLP
Ewan Leggat / Charlie Bouverat +44 (0) 20 3470 0470
Joint Broker Shard Capital Partners
Damon Heath / Erik Woolgar LLP +44 (0) 207 186 9900
Financial PR
Susie Geliher / Cosima
Akerman St Brides Partners Ltd +44 (0) 20 7236 1177
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END
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