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(Sharecast News) - Keras Resources announced on Friday that commercial production had now started at the Diamond Creek high-grade organic phosphate mine in the US state of Utah, owned by its 51% subsidiary Falcon Isle Holdings.
The AIM-traded firm said commissioning was complete, and the milling plant was now at steady-state operational capacity.
Stockpiled material from the 2020 mining season was now being crushed and processed, producing a range of premium products to be sold directly into the United States organic fertiliser market, with marketing discussions being held with a number of existing clients and a "wide range" of new interested parties.
Work was also continuing at the mine site to ensure everything was production ready to start the 2021 mining season later in July, the board said.
"Having our milling plant up and running within a year of acquiring our initial interest in Diamond Creek is another key achievement for the company," said chief executive officer Russell Lamming.
"Over the past 11 months we have secured a controlling stake in, and developed, a high-grade phosphate mine, completed our first mining season and installed our own beneficiation capacity on site."
Lamming said the company was "delighted" that the plant was now fully operational, with a range of products being bagged up directly for customers.
"A key component of our organic fertilizer business model in the US is the construction of a granulating plant adjacent to the now operational milling plant which adds a valuable stream to our product mix, this is expected to be commissioned in the last quarter of 2021.
"We look forward to this year's mining starting in the coming weeks and providing further updates in due course."
At 0940 BST, shares in Keras Resources were up 6.92% at 0.99p.
29 Apr 2024 12:19
IN BRIEF: Keras shares up as milling plant construction on schedule
Keras Resources PLC - Surrey, England-based mine developer focused on West Africa and the US - Says construction of an integrated milling plant at its newly acquired property in Delta, Utah is on schedule. Says commissioning is expected during the second half of May with production ramp-up through the third quarter 2024. The plant, which is being built as part of Keras' joint venture with Phosul LLC, will have a Phosul production capacity of 520 tonnes per month and 920tpm when operating on single shift and double shift respectively. Chief Executive Officer Graham Stacey says: "The acquisition of the Delta facility and the Phosul JV will be transformative for the company. The site will not only house the processing equipment for all products, including the new Phosul granulate, but also allows all run-of-mine crushed feed material and final products to be stored under cover. The associated reduction in moisture content reduces the cost of processing and provides a better quality product for our ever growing customer base." Phosul is a plant-available phosphate fertilizer.
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