(Alliance News) - Ferro-Alloy Resources Ltd on Friday said it processed more concentrate in 2023, compared to a year earlier, and expects to maintain production levels in the first half of 2024.
The vanadium producer in Kazakhstan said it processed 2,228 tonnes of concentrate for the full-year, increasing 7.0% from 2,082 tonnes the year prior. It noted that its fourth quarter production grew 78% to 703 tonnes from 396 tonnes previously.
The company said vanadium pentoxide production increased 1.6% to 311 tonnes, from 306 tonnes a year ago.
Molybdenum production declined 4.4% to 34 tonnes, from 36 tonnes previously, while nickel output rose 7.1% to 111 tonnes, from 104 tonnes.
Ferro-Alloy noted that it is currently a holding a "signifiant" amount of concentrates, which it says is sufficient for around seven months of production. It said this is due to entering into contracts with multiple suppliers in order to secure a regular concentrate supply.
Looking ahead, the firm said it expects production in the first two quarters of the year to be similar to that of the fourth quarter last year. It said it aims to increase production by treating different and higher quality concentrates as they become available.
Chief Executive Nick Bridgen said: "The existing plant is operating well and in spite of the different characteristics we have found with the new concentrates, it's pleasing to report sustained or slightly increased production. Our main task remains to complete the feasibility study into the Balasausqandiq project, the results to date of which meet our previous expectations."
Ferro-Alloy shares were untraded at 6.25 pence each on Friday morning in London.
By Harvey Dorset, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Ferro-alloy Re. (FAR)