Final Results28 Jun 2021 13:17
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium mining and processing company with operations based in Southern Kazakhstan is pleased to announce its final results for the year ended 31 December 2020.
Overview
· Increased production of vanadium pentoxide by 56% to 237 tonnes
· Revenue increased to US$2.4m (2019:US$1.8m)
· Commissioning and expansion of pyrometallurgical process line which is designed to treat a different type of concentrate from that which was previously treated creating new revenue stream
o total capacity of the combined plant now up to 80 tonnes per month depending on the grades of concentrates treated, six times more than 2019 production
· Connection to adjacent high voltage power line complete with first power expected late July 2021
As previously reported, the Company's operations have up to now been severely impacted by the unreliability of the existing power supply with power delivered over a long distance on a low voltage line with wooden poles. It is subject to frequent unplanned outages, voltage and phase instability, and is expensive. The instability damages our equipment and causes long interruptions as restart procedures can take far longer than the power interruption.
The Company has been constructing a link to draw power from an adjacent high voltage (110kV) line, including the connection, transformers, some three km of line and necessary communications and switching. This US$2.5m project has now been completed on budget and substantially on time, but delays by the supplier of power-measurement equipment required by the owners of the line mean that first power is expected to be drawn only in late July 2021