Business
Option to acquire interest in ex-Glencore Project
Option to acquire interest in ex-Glencore Project.
About this update from Firering Strategic Minerals Plc
[{"type":"text","content":"\n\n \nFirering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining\n \n17 August 2023\nFirering Strategic Minerals Plc\n (\"Firering\" or the \"Company\")\nOption to acquire an interest in ex-Glencore Limestone Project\nProject is commission ready with the potential to be in production within 12 months\n \nFirering, an exploration company focusing on critical minerals, is pleased to announce that it has signed an option deed (\"Option Deed\") dated 16 August 2023 to acquire up to 28.33% of Limeco Resources Limited (\"Limeco\"), the owner of a Limestone project located 22km west of Lusaka in Zambia for an aggregate of US$5.1 million across two tranches. The project comprises of a limestone quarry with an estimated non-JORC compliant mineral resource of more than 73 million tonnes (Source: Golder Associates, October 2017) and a quicklime production facility with the potential to produce between 500 and 600 tonnes of quicklime per day (\"Project\").\nHighlights\n· The Option Deed entered into by Firering and Clearglass Investments Limited (\"Clearglass\") as co-option holders with the current shareholders of Limeco (\"Vendors\") for an option over 33.33% of Limeco (\"Option\") (Firering 28.33%, Clearglass 5.00%)\n· Quicklime has multiple uses and is an essential reagent widely used during flotation of copper sulphide minerals.\n· Limeco is in the process of commissioning a Lime Plant in Zambia of which over US$100m has been invested to date. The Lime Plant is ready for immediate commission and includes:\no Existing limestone quarry with an estimated resource* of 73.7Mt @ 95.3% CaCO3.\no Two stage crushing circuit with an installed primary throughput of 500tph of limestone, and a lime plant comprising of eight kilns for burning crushed limestone to produce between 500 and 600 tonnes of quicklime per day.\no A limestone stockpile of 200,000 tonnes to be used for immediate production.\no Existing infrastructure of main access roads, power and water.\no Advanced discussions ongoing for Lime offtake with major copper producers.\n· Firering will have the option to acquire up to 28.33% of Limeco across two tranches for an aggregate amount of US$5.1 million.\n· Clearglass to pay a ...