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Ferro-Alloy Rsrcs (FAR)

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Friday 02 October, 2020

Ferro-Alloy Rsrcs

Notice of AGM

RNS Number : 8561A
Ferro-Alloy Resources Limited
02 October 2020
 

 

2 October 2020

Ferro-Alloy Resources Limited

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

 

Notice of AGM

Ferro-Alloy Resources Limited (LSE:FAR), the vanadium mining and processing company with operations based in Southern Kazakhstan announces that the Company's Notice of Annual General Meeting ("AGM") has been posted to shareholders and is available on the Company's website www.ferro-alloy.com.  The AGM will be held at 6.00pm on 30 October 2020 at St. Pierre Park Hotel, Rohais, St. Peter Port, Guernsey, GY1 1FD.

Under the States of Guernsey's current regulations and guidance on self-isolation on arrival in Guernsey, it may not be possible for shareholders who are not resident in Guernsey to attend the AGM in person.  The directors therefore strongly encourage shareholders to vote on the resolutions being proposed at the AGM by completing a proxy form appointing the Chairman of the AGM as your proxy, and not to plan to attend the AGM in person.

Copies of the Annual Report for the year ended 31 December 2019 are available on the Company's website.

 

 

*ENDS*

 

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 (Financial Adviser)           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 profitable 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 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.

 

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 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.

 

The strategy of the Company is to develop both the Existing Operation and the Project 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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