Stratmin Global Resources PLC Operational Update (3756P)
February 17 2016 - 10:15AM
UK Regulatory
TIDMSTGR
RNS Number : 3756P
Stratmin Global Resources PLC
17 February 2016
17 February 2016
StratMin Global Resources Plc
("StratMin" or the "Company")
Operational update
StratMin Global Resources Plc (AIM: STGR), London's only listed
graphite production and exploration company, announces continued
success in its ongoing operational improvement programme at its
Loharano deposit.
1. StratMin has successfully completed the current stage of
plant refurbishment with the upgrade to the primary mill, further
enhancements to the floatation circuit and commissioning of new
dewatering equipment.
2. The final stage of the refurbishment includes new milling and
drying units and mining fleet. This will be funded with proceeds
from the completion of the second tranche of funding totalling
GBP1.5 million which is due from Bass Metals Ltd (as first
announced on 2 September 2015) which is due no later than the end
of March 2016.
3. The plant has this month produced +94% TGC grade concentrate,
on demand and at volume for the first time.
4. The expansion of the team with a highly experienced diesel
mechanic at the start of the year has enabled a detailed
maintenance program to be instituted resulting in a significant
reduction in unplanned maintenance time losses.
5. Despite very heavy rains throughout January, the Company has
had continued operations and sales.
6. Sales have continued to increase with new buyers from India
placing repeat orders and first shipments to new buyers from
Germany and Austria executed.
7. Product samples have been approved by additional end users in
Europe, which clears the first hurdle to further new sales in the
months ahead.
8. Mining has moved to the adjacent Mahefedok area in order to
bulk test ore from that deposit for final engineering and design
input into the planned new plant, which the Company intends to
construct, subject to available funding.
9. JV partner Tirupati has received the mining license approval
for the Vatomaina property and is now waiting only on environmental
signoff to begin project development, subject to available
funding.
Brett Boynton, CEO, commented:
"The team has been working through a methodical programme of
operational improvement to maximise the value of every production
hour. It is very pleasing to see sustained volume and grade
improvements and the immediate impact of our new diesel mechanic on
the performance of key equipment.
With the plant in an improved operational state, we decided to
open up Mahefedok and bulk test the new ore zone on a commercial
scale over an extended period ahead of finalising engineering on
the new plant.
The commitment now is to apply the same vigour at the corporate
level to manage costs so that we maximise the value of each
additional ton produced and sold.
Everything we have accomplished has been without a break in
production so we have utilised to the full extent the cash flow
from operations to fund progress."
For further information please visit www.stratminglobal.com or
contact:
StratMin Global Resources Plc +44 (0) 20
Brett Boynton, CEO 3691 6160
Strand Hanson (Nominated & Financial
Adviser)
Rory Murphy / James Spinney / +44 (0) 20
Ritchie Balmer 7409 3494
Beaufort Securities (Broker) +44 (0) 20
Jon Bellis 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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