Information  X 
Enter a valid email address

Ferro-Alloy Rsrcs (FAR)

  Print      Mail a friend

Monday 11 January, 2021

Ferro-Alloy Rsrcs

Issue of Bonds

RNS Number : 1103L
Ferro-Alloy Resources Limited
11 January 2021
 

 

11 January 2021

Ferro-Alloy Resources Limited

("Ferro-Alloy" or "the Company")

Issue of Bonds

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium mining and processing company with operations based in Southern Kazakhstan announces that it has raised US$161,475 via the issue of bonds on the Astana Stock Exchange ("AIX").

The bonds have a nominal value of $2,000 each, have a coupon of 5.8% payable twice-yearly, are unsecured and are repayable on 17 March 2023. 

Investors have subscribed for a total of 82 of the Company's bonds, issued at a premium or discount to nominal value according to market conditions to achieve an effective interest rate as follows:

· 5 bonds were issued at a price per bond of US$2,021.07 on the 23 November 2020. The bonds have an interest rate of 5.8%

· 52 bonds were issued at a price per bond of US$1,958.32 on the 14 December 2020. The bonds have an effective interest rate of 7.5%.

· 25 bonds were issued with a price per bond of US$1,981.47 on the 22 December 2020. The bonds have an effective interest rate of 7.0%.

 

The bonds have been listed on AIX with identifier FAR.0323 and ISIN number KZX000000336. 

 

For further information, visit  www.ferro-alloy.com  or contact:

 

Ferro-Alloy Resources Limited

Nick Bridgen, Chief Executive Officer  [email protected]

 

Shore Capital (Broker)

Corporate Advisory: Toby Gibbs / Mark Percy / John More  Tel: +44 (0)207 408 4090

Corporate Broking: Jerry Keen

 

VSA Capital          Tel: +44 (0)203 005 5000

Andrew Monk / Simon Barton

 

St Brides Partners Limited (Financial PR & IR Adviser)

Catherine Leftley / Megan Dennison  Tel: +44 (0)207 236 1177

 

Further information about Ferro-Alloy Resources Limited

The Company's operations are all located at the Balasausqandiq Deposit in Kyzylordinskaya 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 by-products of carbon, molybdenum, uranium, rare earth metals, potassium, and aluminium.  Owing to the nature of the ore, the capital and operating costs of development are very much lower than for other 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 2-5.

The existing production facilities were originally created from a 15,000 tonnes per year pilot plant which was then adapted to treat low-grade concentrates and is now in the process of being expanded and further adapted to treat a wider variety of raw materials.

The Company has already completed the first steps of a development plan for the existing operation which is expected to result in annualised production capacity increasing gradually to around 1,500 tonnes of contained vanadium pentoxide. The development plan includes upgrades to infrastructure, an extension to the existing factory and the installation of equipment to increase the throughput and to add the facilities to convert AMV into vanadium pentoxide and then to ferro-vanadium.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IODUWOORASUARAR

a d v e r t i s e m e n t