Business
Results for the year ended 31 March 2020
Results for the year ended 31 March 2020.
About this update from Uru Metals Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 5086A\n URU Metals Limited\n 30 September 2020\n \n \n \n \n \n URU Metals Limited\n \n \n (\"URU Metals\" or \"the Company\")\n \n \n Final Results\n \n \n URU Metals is pleased to announce its final results for the year ended 31 March 2020.\n The full Report & Accounts are available on the Company's website and are expected to be posted to shareholders today. \n \n \n To view the Full Report & Accounts with the illustrative figures and tables please use the following link: \n \n \n http://www.rns-pdf.londonstockexchange.com/rns/5086A_1-2020-9-29.pdf\n \n \n \n Chairman's Statement \n \n \n \n For the Year Ended 31 March 2020\n \n \n \n I am pleased to present to our shareholders and stakeholders the consolidated financial statements of the Group for the year ended 31 March 2020. \n \n \n As the clean energy revolution drives the growth in electric vehicles (EV's) and energy storage, the demand for the critical metals used in these components, namely nickel, cobalt and aluminium is forecast to grow and, in the case of nickel, outstrip supply. Nickel's high energy density makes it the most important metal by mass in the lithium-ion battery cathodes used by EV manufacturers. \n \n \n Globally, nickel supply is sourced from two different types of deposits. Class I Nickel Sulphides deposits, which are scarcer but typically higher grade, make up approximately 40% of current global nickel production. The remaining 60% is found in Class II nickel laterite deposits, (U.S. Geological Survey, Mineral Commodity Summaries, January 2020). Class 1 nickel is sought after for use in electric vehicle (EV) lithium-ion batteries, whilst Class 2 nickel is mainly used in nickel pig iron and the steel industry.\n \n \n Although modern technology allows for the profitable processing of laterites to extract battery grade nickel, increased energy and shipping costs hinder efficient processing, and it is easier and more cost effective to process Class I Nickel Sulphide to battery grade nickel.\n \n \n The Zebediela Nickel Project contains a NI43-101 compliant nickel sulphide resource of over 1,600 million tons running at 0.245% Nickel, equating to a contained nickel resource of over 4 million tons of nickel, or 9 billion pounds, ranking it amongst the top ten largest nickel sulphide resources globally.\n \n \n The ...