Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
12 February 2021
Keras Resources plc ('Keras' or the 'Company')
Diamond Creek Phosphate Mine - Construction of Processing Plant
Keras Resources plc, the AIM listed mineral resource company, is pleased to announce an update on progress at the Diamond Creek high-grade direct shipping ore ('DSO'), organic phosphate mine in Utah, USA ('Diamond Creek'), owned by the Company's 51% subsidiary, Falcon Isle Holdings LLC.
The processing plant, which was fabricated and shipped from Shanghai in Q4 2020, is now on site in Utah and construction is underway. The new owner-operated plant has design capacity to process the targeted 48,000 ton per year production rate in 2024 and will increase both the installed capacity and flexibility to beneficiate a variety of organic phosphate products and will also see a significant reduction in operating costs as we move away from the current toll agreements. Commissioning remains on schedule and the plant is expected to be operational by the end of Q1 2021.
Keras Resources CEO, Russell Lamming said: "Our expansion at Diamond Creek continues to progress as planned and the commissioning of the new crushing, milling and bagging facility, which will be capable of supporting our peak production rate of 48,000 tons per year, is a key component underpinning this strategy. We have a long life-of mine at Diamond Creek, with the opencast resources alone representing in excess of 60 years at the peak production rate, highlighting the long-term sustainable cash flow we anticipate being generated from this mine. We look forward to delivering further news regarding the commissioning of the processing plant and our 2021 production schedule in due course."
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
Keras Resources plc
Nominated Adviser & Joint Broker
Ewan Leggat / Charlie Bouverat
Damon Heath / Erik Woolgar
SP Angel Corporate Finance LLP
Shard Capital Partners LLP
+44 (0) 20 3470 0470
+44 (0) 207 186 9900
Susie Geliher / Cosima Akerman
St Brides Partners Ltd
+44 (0) 20 7236 1177