TIDMKZG
RNS Number : 8297U
Kazera Global PLC
28 November 2023
28 November 2023
Kazera Global plc
("Kazera" or "the Company")
Diamond Project Update
Purchase of Pulsating Diamond Jig
Kazera Global plc (AIM: KZG), the AIM-quoted investment company,
is pleased to provide an update on operations at its Deep Blue
Minerals ("Deep Blue") diamond project in Alexander Bay, South
Africa.
OVERVIEW
-- Pulsating diamond jig ordered
-- 20 tons per hour processing capacity
-- Expected to be in operation in early 2024
-- Will overcome diamond gravel processing issues at Alexkor's Muisvlak processing plant
-- Capable of being trailer mounted to increase operational flexibility
Dennis Edmonds, CEO of Kazera Global commented: "Having recently
inspected a pulsating diamond jig in operation, we have placed an
order for a unit which will be deployed at Deep Blue Minerals'
diamond mining operation in Alexander Bay, South Africa.
"Historically, Deep Blue has worked with Alexkor to get its
Muisvlak diamond gravel processing plant operating correctly so
that it and other contractors in the area can process their diamond
gravel. However, despite best efforts, it has become increasingly
apparent that achieving this consistently is not achievable in the
short term. Deep Blue has therefore received approval from Alexkor
to utilise a pulsating jig to process its diamond gravel and then
deliver very high concentrate gravels to Alexkor for final sorting
and sale. This means that the volumes to be transported will be
considerably reduced (so reducing costs) and also means that
security of our product will be improved.
"Pulsating jigs are widely used for diamond recovery and, with a
processing capacity of 20 tons per hour, we believe this purchase
provides a cost effective way to swiftly and dramatically improve
operations at Deep Blue. "
DETAILS
The Company remains focused on advancing production at its Deep
Blue Minerals Project, in which it holds a 64% interest.
The operation is located within the 80km long Alexkor diamond
fields, which lies between two historic De Beers operations. The
area has been mined for diamonds since 1928 and more than ten
million carats of gem quality diamonds have been recovered over the
last ninety years or so. It is estimated that there are at least
another two million carats left in the tenement.
Mining at Deep Blue is undertaken under contract from Alexkor
RMC JV ("Alexkor"), a government owned entity, which has the rights
to all the diamonds in the area.
Part of the agreement with Alexkor requires that it processes
the diamond gravels and undertakes all diamond sales, but with
Alexkor's Muisvlak processing plant operating sporadically, the
ability to process diamond gravel and, accordingly, produce
diamonds for sale has been greatly constrained.
In the past Deep Blue agreed to take on the task of getting the
Muisvlak plant running as, without it, neither Deep Blue nor the
majority of the other contractors in the area have a way of
processing their diamonds. Deep Blue was successful in doing this
but was forced to withdraw its assistance due to political and
economic factors .
The use of the pulsating diamond jig, which has been approved by
Alexkor, is an attempt to unblock the diamond mining process for
Deep Blue by bypassing the Muisvlak plant completely and allowing
Deep Blue to deliver only very high concentrate diamond gravels to
Alexkor for final sorting.
The Company anticipates that this equipment will be in operation
early in 2024 and will allow a quick ramp up in production and
positive cash flow.
**ENDS**
Kazera Global plc kazera@stbridespartners.co.uk
Dennis Edmonds, CEO
Cavendish Capital Markets Ltd (Nominated Tel: +44 (0)207 220 0500
Adviser and Broker)
Derrick Lee / Neil McDonald / Fergus
Sullivan (Corporate Finance)
-----------------------------
St Brides Partners (Financial PR) kazera@stbridespartners.co.uk
Paul Dulieu / Isabel de Salis
-----------------------------
About Kazera Global plc
Kazera is a global investment company focused on leveraging the
skills and expertise of its Board of Directors to develop
early-stage mineral exploration & development assets towards
meaningful cashflow and production.
Its three principal investments are as follows:
(1) Alluvial diamond mining through Deep Blue Minerals (Pty)
Ltd, Alexander Bay, South Africa. Kazera currently has a 90% direct
interest in Deep Blue Minerals, of which 64% is held beneficially
by Kazera and 26% is held on behalf of Black Economic Empowerment
partners.
(2) Heavy Mineral Sands mining (including ilmenite, monazite,
rutile, and zircon) through Whale Head Minerals (Pty) Ltd,
Alexander Bay, South Africa. Kazera currently has a 60% direct
beneficial interest in Whale Head Minerals.
(3) Tantalite mining in South-East Namibia (divestment in
progress)
As announced on 20 December 2022, Kazera has agreed to dispose
of African Tantalum (Pty) Ltd ("Aftan") for a cash consideration of
US$13 million plus a debenture payment of 2.5% of the gross sales
of produced lithium and tantalum for life-of-mine. Completion of
the sale is subject to receipt of full consideration proceeds.
Aftan has been deconsolidated from the Company's financial
statements with effect from 4 January 2023 because in accordance
with the terms of the sale agreement, it has relinquished control
of the Aftan in favour of the purchaser, Hebei Xinjian Construction
Close Corp with effect from that date. Kazera retains the right to
cancel the transaction and retain all amounts paid to date in the
event of default by Hebei Xinjian.
The Company will consider additional investment opportunities as
appropriate, having regard to the Group's future cash flow
requirements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDEAEFXASDDFAA
(END) Dow Jones Newswires
November 28, 2023 02:00 ET (07:00 GMT)
Kennedy Ventures (AQSE:KZG.GB)
Historical Stock Chart
From Oct 2024 to Nov 2024
Kennedy Ventures (AQSE:KZG.GB)
Historical Stock Chart
From Nov 2023 to Nov 2024
