Firering Strategic Minerals (AIM: FRG), a producer and developer of industrial and critical minerals, has completed hot commissioning of its second kiln at its Limeco Resources producing lime asset in Zambia.
Kiln Two is now entering a three-month optimisation phase, the company said in a statement on February 10.
With the second kiln progressing, Limeco is becoming a multi-kiln asset which strengthens its operating leverage, cash generation potential and financial optionality, said Firering.
The asset's commercial momentum is growing, anchored on successful product validation, international orders, and further opportunities under discussion.
Firering recently completed the exercise of the third tranche of the option to secure a further 5.5% interest in Limeco, which grew its overall interest to 36.2%.
Firering chairman and interim CEO, Youval Rasin, commented:
'Hot commissioning of Kiln Two is a further delivery milestone for Limeco and demonstrates the operational discipline now in place across the site. Applying the learnings from Kiln One enables us to have a more predictable, repeatable ramp-up as we scale to a multi-kiln operation. Notably, each additional kiln brought into stable production, materially strengthens the business and expands its strategic optionality.'
Firering stated in the release that as Limeco’s commercial momentum continues to build, it secured a 600,000-tonne order from a major mining group operating in Zambia. It also clinched an order of similar size from some clients in neighbouring Zimbabwe.
“Engagements with additional prospective customers are ongoing, and Limeco is now well positioned to compete in tenders for longer-term supply contracts,” the company added.
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