Q1 Update (4865Q)
20 October 2011 - 1:15AM
UK Regulatory
TIDMFLOR
RNS Number : 4865Q
Fluormin PLC
19 October 2011
Fluormin Plc announces Q1 Update
LONDON, UK -- (Marketwire - Oct. 19, 2011) - Fluormin Plc (AIM:
FLOR) ("Fluormin" or the "Company") announces corporate, financial,
operational and other information pertaining to its first fiscal
quarter.
Corporate and Financial Highlights for the Company for the three
months ended 30 September 2011
-- Readmission of Company to the AIM Market;
-- Disposal of non-core base metal assets for US$10.2 million to
subsidiaries of Glencore International AG and secured fluorspar
offtake agreements;
-- Repayment of US$346,000 of the US$500,000 loan given to
associate, Kenya Fluorspar Company Limited;
-- Financings totalling approx. GBP4,500,000 during period (the
last at GBP1.05 per share);
-- Group Cash Balances as at 30 September 2011 of US$22.7
million (of which US$1.8 million is restricted).
Operational Highlights for Sallies Limited (Sallies) for the
three months ended 30 September 2011
-- Q1 produced tonnes 27,301
-- Q1 shipped tonnes 34,723
-- Average price of Q1 shipped tonnes* US$387.90
-- Product inventory as at Sept 30 2011 11,548
-- Plant recovery 86%
* Note: average prices of shipped tonnage are typically
negotiated and settled between three to nine months in advance of
shipment and reflect weighted average prices (FOB Durban).
Improved Plant Efficiency
During Q1, management of Sallies focussed on improving plant
efficiency and mine development. Plant recoveries of 86% were
achieved, significantly above historical performance, reflecting
the continued efforts of management to improve the operation of the
plant since the mine restart in April 2011. Several additional
plant improvements will be made during the annual maintenance and
shutdown period over the December holiday period.
The focus on mine development will continue through to Q3,
including the removal of overburden to two new pits and ore infill
drilling to facilitate mine planning. Production rates are
anticipated to steadily increase to nameplate capacity during the
fiscal year as the new pits are brought on stream.
Update on Sallies Limited Mandatory Bid Process
The Company can confirm that it has received an extension of
time from the Takeover Regulatory Panel (TRP) with which to make
its bid for the minority security holders of Sallies. Extensions
are routinely granted by the TRP in light of the time needed to
prepare the necessary documentation in respect of a scheme of
arrangement. The Company has received comments from the TRP in
respect of its circular, as well as JSE approval for the Competent
Person's Report to be included in the circular, and is aware that
the Board of Sallies is well advanced in its receipt of a final
expert opinion on the merits of the offer. The Company would hope
that Sallies would be in a position to post the circular to its
shareholders within the next 20 days.
About Fluormin Plc
Fluormin is a producer of acid grade fluorspar, an industrial
mineral widely used in the chemical and aluminum industries for the
making of products such as HFCs (Hydrofluorocarbons used as
refrigerant gasses like Freon (TM)) and aluminum fluoride.
For further information please visit www.fluormin.com.
On Behalf of the Board of Directors
Contact Information
Fluormin plc
Al Gourley, Chief Executive (44)020-7556-0940, agourley@fluormin.com
Officer
Westhouse Securities
Martin Davison (44)020 7601 6100,
martin.davison@westhousesecurities.com
Tim Feather (44)020 7601 6100,
tim.feather@westhousesecurities.com
Tavistock Communications
Lydia Eades (44)020 7290 3150, leades@tavistock.co.uk
Jos Simson (44)020 7290 3150, jsimson@tavistock.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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