REG - Ferro-Alloy Rsrcs - Statement re: Kazakhstan

Ferro-Alloy ResourcesAnnouncement

06/01/2022 12:00

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RNS Number : 6712X  Ferro-Alloy Resources Limited  06 January 2022

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018

 

6 January 2022

Ferro-Alloy Resources Limited ('FAR' or the 'Company' or the 'Group')

 

Statement re: Kazakhstan

 

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer
of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, notes
recent developments in the country.

The Company's operations are continuing as normal with no impact to the safety
and security of its employees.  The safety of FAR's employees and
contractors remains the priority and the Company will provide further updates
as necessary.

 

 

For further information, visit www.ferro-alloy.com
(http://www.ferro-alloy.com/)  or contact:

 

 Ferro-Alloy Resources Limited     Nick Bridgen (CEO)         info@ferro-alloy.com (mailto:bridgen@ferro-alloy.com)

 Shore Capital                     Toby Gibbs/John More       +44 207 408 4090

 (Corporate Broker)

 VSA Capital                       Andrew Monk/Simon Barton   +44 (0)203 005 5000

 St Brides Partners Limited        Catherine Leftley          +44 207 236 1177

 (Financial PR & IR Adviser)

 

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.

A reserve on the JORC 2012 basis has been estimated only for the first
ore-body (of five) which amounts to 23 million tonnes, not including the small
amounts of near-surface oxidised material which is in the Inferred resource
category. 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.

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 adapted to treat
concentrates and expanded. Further expansion is being undertaken which is
expected to result in annualised production capacity of around 1,500 tonnes of
contained vanadium pentoxide plus significant by-product molybdenum.

The strategy of the Company is to develop both the Project and the Existing
Operation in parallel. Although they are located on the same site and use some
of the same infrastructure, they are separate operations.

 

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