Yuval Cohen, Chief Executive of Firering (FRG), said: "We are delighted with the progress being made at Limeco, our near production quicklime project with a historical pre-acquisition spend of +$100m. Engineers from Protechglobal Consulting Services, the firm behind the initial plant design on behalf of Glencore, have commenced modifications to the lime plant. The general design for the coal gasifier plant, set to replace the HFO installation, was also approved with the first of the two gasifiers expected on site in Q3 2024.

"We have been selling aggregate to industrial end-users since October last year, enhancing our cash flow position. Additionally, and in line with our strategy to diversify revenue streams, we have advanced our quicklime offtake discussions as well as negotiations regarding the leasing of HFO tanks. Furthermore, we are planning to sell ash produced during the coal gasification to the local cement industry until our own cement plant has been erected.

"I am also pleased to note that Earthlab successfully reproduced tonnages and grades using the same range of cut-off grades used by Golder based on the 2018 geological model and has affirmed a possible extension to the mineral resource of some 95Mt along strike to the southeast. Limeco has applied for an exploration licence for this area, further securing its position as a long-term supplier to various industries, including local and regional copper producers.

"I look forward to further updating the market as we focus on commissioning the first kiln in the coming months."