Firering
Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector:
Mining
12 August 2024
Firering Strategic Minerals
plc
("Firering" or "the
Company")
AGM
Statement
On track to start production
of quicklime at Limeco Q4 2024
Firering Strategic Minerals plc, a
development company specialising in critical minerals, is holding
its Annual General Meeting ("AGM") today, where Non-Executive
Chairman Youval Rasin will deliver the following
statement:
"This year has been transformative
for Firering having strategically shifted our focus to our
quicklime venture in Zambia, Limeco Resources Limited ("Limeco"),
which we are optimising with the goal of commencing phased
production in Q4 this year.
"With a historical investment of
over US$100 million, this promising project is set to produce
600-800 tonnes of quicklime daily. To contextualise, quicklime
prices have ranged from US$160 to US$218 per tonne over the past
two years, underscoring the significant value of our
asset.
"Several factors drive the robust
demand for quicklime, including its crucial role in copper smelting
by controlling pH levels during flotation, and enhancing copper
separation from other minerals. This market is particularly
attractive for Limeco as it is poised to be the sole quicklime
producer in the region, coinciding with increased activity in the
Zambian Copperbelt. Zambia, currently the seventh largest copper
producer globally, aims to boost output to 3Mt by 2032, potentially
making it the second largest world producer.
"Accordingly, Limeco is advancing
off-take discussions with copper producers while also engaging with
companies in other industries such on the construction and
fertiliser industries. Further, it is well-positioned to scale
production to meet demand given it has a current Mineral Resource
of 73.7Mt at 95.3% CaCO3 and an identified Exploration Target of
95Mt. Limeco has applied for an exploration licence, which is
pending approval.
"Limeco's strategy focuses on
generating multiple revenue streams from quicklime, aggregate, and
ancillary products like ash for the concrete industry. Aggregate
sales commenced in October 2023 and more recently an agreement was
signed with a multinational commodity trading company to provide
logistics services, which is projected to generate US$600-720k per
annum. This means Limeco is positioned to generate positive
operational cashflow even before the start of quicklime production
in Q4 2024.
"While Limeco is our primary focus,
we continue to advance the Atex Project, which has lithium and
tantalum-niobium potential in northwest Côte d'Ivoire. Following a
2022 scout drilling campaign, we completed a reverse circulation
drilling campaign in March 2024, which saw us expand known lithium
mineralisation by 122% and extend the strike length to 800 meters.
Our next phase involves expanding exploration eastward and
northward and delineating a maiden resource.
"With our strategic shift towards
quicklime production well underway, significant milestones
achieved, and more on the horizon, we are excited about Firering's
future. We look forward to delivering sustained value to
shareholders through diversified revenue streams, robust resource
management, and strategic market engagement."
*** ENDS
***
For further information visit
www.fireringplc.com or contact:
|
Firering Strategic Minerals
Yuval Cohen
|
E:
info@firering-holdings.com
|
|
SPARK Advisory Partners Limited (Nominated
Adviser)
Neil Baldwin / James Keeshan / Adam
Dawes
|
T: +44 20
3368 3550
|
|
Optiva Securities Limited (Joint Broker)
Christian Dennis / Daniel
Ingram
|
T: +44 20
3137 1903
|
|
Shard Capital Partners LLP (Joint Broker)
Damon Heath / Erik Woolgar
|
T: +44 20
7186 9950
|
|
St
Brides Partners Limited (Financial PR)
Isabel de Salis / Susie
Geliher
|
E: firering@stbridespartners.co.uk
|
Notes
Firering Strategic Minerals plc is
an AIM listed resource company set to commence commissioning its
significant quicklime project in Zambia in Q4 2024 to produce
600-800 tonnes of quicklime per day along with ancillary products.
With over US$100 million in historical investment, the project is
strategically positioned to support the expanding copper producers
in the Zambian Copper Belt, which are currently reliant on imported
quicklime from South Africa. Additionally, the Company is advancing
the Atex Lithium-Tantalum Project in northern Côte d'Ivoire, an
exploration project rich in lithium and tantalum-niobium, with
drilling results indicating significant resource potential in this
established mining jurisdiction.