Keras Resources PLC Diamond Creek Phosphate Mine Update
RNS Number : 7185T
Keras Resources PLC
29 March 2021
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
29 March 2021
Keras Resources plc ('Keras' or the 'Company')
Diamond Creek Phosphate Mine Update
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.
-- CEO Russell Lamming and COO Graham Stacey recently completed
a three-week management trip in Utah, immediately after the
previously announced two-week visit to Togo.
-- Encouraging results from the Falcon Isle marketing campaign
over the winter period which has reinforced management's confidence
that 2021 sales targets will be met.
-- COVID-19 travel restrictions, which prevented the plant
manufacturer's engineer to be on site during construction, has
slowed the construction timeline and the new Diamond Creek
processing plant will now be commissioned in Q2 2021.
-- Due to the significant demand for both milled and granulated
product Falcon Isle has extended its third-party toll treating
agreements to ensure that product is available during the final
stage of the plant construction.
-- The increase in run-of-mine production during the 2020 mining
campaign has ensured that there is sufficient plant feed until
mining resumes in the Spring.
-- Once installed the increased plant capacity and the expected
associated economies of scale will reduce the unit cost and bolster
margins going forward.
Keras Resources CEO, Russell Lamming said: "The trip to Togo and
Utah has been extremely constructive and has proved how important
face-to-face management interaction is in our industry.
Notwithstanding the significant impact that the pandemic has had,
our US team have done a great job in both maintaining operational
output and building value at the Diamond Creek operation. Despite
the short delay in the timetable to commissioning, I am pleased to
say that management believes sales targets of 10,000 tons for 2021
remain achievable. The demand for our range of products has been
very encouraging and we are looking forward to a very busy period
as we move in to Spring and the recommencement of mining
operations. We look forward to delivering further news regarding
the commissioning of the processing plant and our 2021 production
schedule in due course."
For further information please visit www.kerasplc.com , follow
us on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc email@example.com
Nominated Adviser & Joint SP Angel Corporate Finance
Ewan Leggat / Charlie Bouverat +44 (0) 20 3470 0470
Joint Broker Shard Capital Partners
Damon Heath / Erik Woolgar LLP +44 (0) 207 186 9900
Susie Geliher / Cosima
Akerman St Brides Partners Ltd +44 (0) 20 7236 1177
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(END) Dow Jones Newswires
March 29, 2021 02:00 ET (06:00 GMT)