Source - LSE Regulatory
RNS Number : 6664X
Kazera Global PLC
31 August 2022
 

31 August 2022

Kazera Global plc

("Kazera" or the "Company")

 Walviskop Mining Permit granted

Kazera Global plc, the AIM quoted investment company, is pleased to confirm that, further to the Company's announcement on 28 July 2022, the mining permit (the "Permit") has now been granted to the Company's 60% owned subsidiary Whale Head Minerals (Pty) Ltd ("WHM"), which will facilitate the start of heavy mineral sands ("HMS") production at the Walviskop mine in South Africa.

The Permit grants the Company a five-year period to mine the deposit, with the possibility of further extensions. Following the grant of the Permit, the Walviskop mine is expected to generate positive cashflow from operations within the next six months and produce circa 6,000 tons of HMS per month, achieving an estimated gross profit in excess of US$ 300,000 per month at current prices.

 

Dennis Edmonds, Kazera Chief Executive Officer, commented:

 

"We are delighted with the latest developments at the Walviskop mine. The grant of the Permit vindicates our confidence in South Africa's mining legislation and the way in which it is currently being implemented. We are now focused on commencing production of Heavy Mineral Sands from the Walviskop mine, in addition to enhanced diamond production rates.

This development will have a substantial positive impact on the Company's profitability and could also generate broader opportunities for Kazera in the Richtersveld."

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014 ('MAR'). Investor Presentation.

For further information on the Company, visit: www.kazeraglobal.com

 

Kazera Global plc (c/o Camarco)

Dennis Edmonds (CEO)

Tel: +44 (0)203 757 4980

 

finnCap (Nominated Adviser and Joint Broker)

Christopher Raggett / Tim Harper (Corporate Finance)

 

Peterhouse Capital Limited (Joint Broker)

Duncan Vasey and Lucy Williams (Corporate Broker)

 

Tel: +44 (0)207 220 0500

 

Tel: +44 (0) 207 220 9797

 

Camarco (PR)

Gordon Poole / James Crothers / Hugo Liddy

 

 Tel: +44 (0)20 3781 8331

 

 

**ENDS**

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