REG - Contango HoldingsPLC - Lubu Project Operational Update

Contango HoldingsAnnouncement

28/03/2023 07:15

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RNS Number : 4418U  Contango Holdings PLC  28 March 2023

Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources

 

28 March 2023

 

Contango Holdings Plc

('Contango' or the 'Company')

 

Lubu Project Operational Update

 

Contango Holdings Plc, the London listed natural resource development company,
is pleased to provide an update on operations at its Lubu coking coal project
in Zimbabwe.

 

The wash plant construction is now complete ahead of commissioning and the
production of coking coal. Refurbishment of the screen, used to sort the
coking coal prior to it being fed through the wash plant, is also near
completion in Harare and is expected to be delivered to site in early April,
with installation immediately thereafter. Power to the wash plant and other
processing facilities will be connected at the same time, expected to be
mid-April.  In anticipation of this, the Company will connect power to the
laboratories this week to enable studies and training to commence.

 

The concrete lined recirculation and settlement ponds, along with the TCD
(tailings control dam) have been built and are currently being lined with
concrete prior to their usage.  The Company intends to undertake grade
control drilling for approximately 8 days in early April to help ensure the
subsequent extraction and processing of the coking coal is optimised,
following which, the Wirtgen surface miner will recommence operations and
extraction of coal.

 

Carl Esprey, CEO of Contango, commented:

 

"We have continued to make excellent progress at site as we prepare for
imminent first coking coal production and sales. Next month we intend to
activate our wash plant and commence the processing of coal ahead of
subsequent sales under our existing offtake agreements. I look forward to
providing additional updates over the next few weeks as we transition from
developer to producer."

 

For further information, please visit www.contango-holdings-plc.co.uk or
contact:

 

 Contango Holdings plc                   E: contango@stbridespartners.co.uk

 Chief Executive Officer

 Carl Esprey

 Tavira Financial Limited                T: +44 (0)20 7100 5100

 Financial Adviser & Broker

 Jonathan Evans

 St Brides Partners Ltd                  T: +44 (0)20 7236 1177

 Financial PR & Investor Relations

 Susie Geliher

 

 

 

 

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