Ferro-Alloy Resources Limited Q4 2023 Production Results (4467Z)
2024年1月12日 - 4:00PM
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RNS Number : 4467Z
Ferro-Alloy Resources Limited
12 January 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (INCLUDING AS IT
FORMS PART OF THE LAWS OF ENGLAND AND WALES BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
12 January 2024
Ferro-Alloy Resources Limited
("Ferro-Alloy" or the "Group" or the "Company")
Q4 2023 Production Results
Sustained or Increased Production Achieved
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer
and developer of the large Balasausqandiq vanadium deposit in
Southern Kazakhstan , announces the production results of the
Group's existing operation for Q4 2023.
Q4 Production Results
2022 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 2023 FY % change
2022 2022 2022 2022 FY 2022 2023 2023 2023 2023
------- ------- -------- ------- ------- --------- -------------
Tonnes of
concentrate
processed 502.3 644.9 538.4 396.2 2,081.8 194.1 1,016.6 314.0 703.3 2,228.0 7.0%
------- ------- ------- ------- ---------- ------- -------- ------- ------- --------- -------------
Tonnes of
vanadium
pentoxide
produced* 81.1 91.7 69.9 62.8 305.5 31.3 141.4 47.3 90.5 310.5 1.6%
------- ------- ------- ------- ---------- ------- -------- ------- ------- --------- -------------
Tonnes of
molybdenum
produced** 11.3 10.4 11.0 3.3 36.0 6.5 14.1 6.4 7.4 34.4 -4.4%
------- ------- ------- ------- ---------- ------- -------- ------- ------- --------- -------------
Tonnes of
nickel
produced*** 25.1 32.2 26.9 19.8 104.0 9.7 50.8 15.7 35.2 111.4 7.1%
------- ------- ------- ------- ---------- ------- -------- ------- ------- --------- -------------
* partly contained in ammonium metavanadate
** in ferro-molybdenum
*** in nickel concentrate
Production Outlook
As announced on 10 October 2023, in order to secure a regular
supply of concentrate, the Company entered into a number of
contracts with different suppliers. As a result, the Company is
currently holding a significant stock of concentrates, sufficient
for around seven months of production at current rates.
The stockpiled concentrates require longer process-residence
times than hitherto, so the Company expects that production during
the first two quarters of 2024 will be similar to that of Q4 2023.
The Company aims to increase production by treating different and
higher quality concentrates as they become available.
Commenting on the production results, Nick Bridgen, CEO of
Ferro-Alloy Resources said:
"The existing plant is operating well and in spite of the
different characteristics we have found with the new concentrates,
it's pleasing to report sustained or slightly increased production.
Our main task remains to complete the feasibility study into the
Balasausqandiq project, the results to date of which meet our
previous expectations."
For further information, visit www.ferro-alloy.com or contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited / William Callewaert
(CFO)
Shore Capital Toby Gibbs/Lucy Bowden
(Joint Corporate Broker) +44 207 408 4090
Liberum Capital Limited Scott Mathieson/Kane
(Joint Corporate Broker) Collings +44 20 3100 2000
-------------------------- ---------------------
St Brides Partners
Limited
(Financial PR & IR
Adviser) Ana Ribeiro / Zoe Briggs +44 207 236 1177
-------------------------- ---------------------
Notes to Editors
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.
The most recent mineral resource estimate for ore-body one (of
seven) provided an Indicated Mineral Resource of 32.9 million
tonnes at a mean grade of 0.62% V(2) O(5) equating to 203,364
contained tonnes of vanadium pentoxide ("V(2) O(5) "). 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 or the remaining
ore-bodies which remain substantially unexplored.
The Project will be developed in two phases, Phase 1 and Phase
2, treating 1m tonnes per year and an additional 3m tonnes per
year. Production will be some 5,600 tonnes of V(2) O(5) from Phase
1, rising to 22,400 tonnes V(2) O(5) after Phase 2 is
commissioned.
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 expanded and adapted to recover vanadium, molybdenum and
nickel from purchased concentrates.
The existing operation is located on the same site and uses some
of the same infrastructure as the Project, but is a separate
operation which will continue in parallel with the development and
operation of the Project.
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