Commercial Production Commences at Diamond Creek
9 July 2021
Keras Resources plc ('Keras' or the 'Company')
Commercial Production commences at Diamond Creek
Keras Resources plc (AIM: KRS) announces that commercial production has commenced at the high-grade organic phosphate mine, Diamond Creek in Utah, USA ('Diamond Creek'), owned by the Company's 51% subsidiary, Falcon Isle Holdings LLC. Commissioning is complete and the milling plant is now at steady-state operational capacity. Stockpiled material from the 2020 mining season is now being crushed and processed, producing a range of premium products to be sold directly into the US organic fertiliser market and marketing discussions are being held with a number of existing clients and a wide range of new interested parties. Work is also continuing at the mine site to ensure everything is production ready to commence the 2021 mining season later this month.
Russell Lamming, CEO of Keras Resources, commented, "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. 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. We are delighted that the plant is now fully operational and it is great to see 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."
The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information please visit www.kerasplc.com , follow us on Twitter @kerasplc or contact the following:
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Russell Lamming Annabel Redford |
Keras Resources plc |
annabel@kerasplc.com
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Nominated Adviser & Joint Broker Ewan Leggat / Charlie Bouverat
Joint Broker Damon Heath / Erik Woolgar
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SP Angel Corporate Finance LLP
Shard Capital Partners LLP
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+44 (0) 20 3470 0470
+44 (0) 207 186 9900
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