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Adamas investment Future Metal gets mining licence renewed

Fri, 7th Aug 2020 13:03

(Sharecast News) - Asia-focussed investment vehicle Adamas Finance Asia announced on Friday that its portfolio company Future Metal Holdings has completed its mining licence renewal on 6 August.
The AIM-traded firm said it had secured all necessary approvals from the local Ministry of Natural Resources in China's Shanxi Province.

It said the licence has a validity period of three years, and would permit a maximum annual dolomite production capacity of 300,000 tonnes.

"I am pleased that Future Metal Holdings Limited has secured renewal of its mining licence as expected," said Adamas chairman John Croft.

"Quarry operations resumed in mid-March this year after a temporary pause due to the pandemic.

"The mine is now in production and expects to continue for the remainder of this year."

Croft said the company's first financial guidance for the quarry for the 2020 year would be released by early September.

"The local management team is now focussed on sales of the quarry's product to domestic construction companies as the local economy recovers from the effects of recent events."

At 1142 BST, shares in Adamas Finance Asia were down 5.26% at 27p.

The AIM-traded firm said it had secured all necessary approvals from the local Ministry of Natural Resources in China's Shanxi Province.

It said the licence has a validity period of three years, and would permit a maximum annual dolomite production capacity of 300,000 tonnes.

"I am pleased that Future Metal Holdings Limited has secured renewal of its mining licence as expected," said Adamas chairman John Croft.

"Quarry operations resumed in mid-March this year after a temporary pause due to the pandemic.

"The mine is now in production and expects to continue for the remainder of this year."

Croft said the company's first financial guidance for the quarry for the 2020 year would be released by early September.

"The local management team is now focussed on sales of the quarry's product to domestic construction companies as the local economy recovers from the effects of recent events."

At 1142 BST, shares in Adamas Finance Asia were down 5.26% at 27p.

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