FLOR Fluormin

TIDMFLOR

RNS Number : 5539M

Fluormin PLC

18 September 2012

Fluormin plc

("Fluormin" or the "Company")

BUFFALO PROJECT DISPOSAL

LONDON, UK -- (Marketwire - 18 September 2012)

Fluormin Plc (AIM: FLOR) announces the disposal of the Buffalo Fluorspar Project ("Buffalo") for the aggregate consideration of ZAR 10,000,000 (GBP0.74 million) (the "Consideration").

Buffalo has been on care and maintenance since 2008 with no immediate plans to reopen.

The Consideration is payable in two instalments comprising the immediate payment of ZAR 7,000,000 million upon settlement and a further ZAR 3,000,000 million in May 2013.

Mark Bolton, Company CEO, commented "The disposal of Buffalo is an important step in our efforts to rationalise the Company's operations and further strengthen its balance sheet."

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 gases like Freon (TM)) and aluminum fluoride.

Contact Information

 
 
Fluormin plc 
 
Mark Bolton, Chief Executive Officer  +44 (0) 20 7034 7150, 
                                       mbolton@fluormin.com 
 
  Westhouse Securities 
 
Martin Davison                        +44 (0) 20 7601 6100, 
                                       martin.davison@westhousesecurities.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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