Global Atomic Provides Update on Turkish Zinc Project
TORONTO, April 09, 2019 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO, FRANKFURT: G12) is pleased to announce an update on its BST Joint Venture Zinc Project in Iskenderun, Turkey.
- The new 110,000 tonne / annum capacity Waelz kiln will be operational by August, with remaining components including the concentrate washing section to be installed in September
- Old plant has been demolished and removed from site
- Powerline upgrades completed allowing for expanded plant
- Earthworks complete and new construction underway
- 150 construction personnel currently working on site
- Concrete forming and steelworks nearing completion
- EAFD processing operations will be fully commissioned by the end of September, 2019
- Please visit our website, www.globalatomiccorp.com, under “Base Metals Division” Image Gallery to see construction progress photos
Based on an aggressive construction schedule being managed by the JV operator, Befesa, the plant is on schedule to begin processing Electric Arc Furnace Dust (EAFD) by September. The project remains on time and on budget.
During the shutdown and construction period, since the end of January, 2019, the BST Joint Venture has been stockpiling feedstock in order to start the new kiln with an adequate supply of EAFD to make up lost production.
“This recycling facility will be the newest and most modern in the world,” stated Stephen G. Roman, President and CEO of Global Atomic. “It will employ state of the art automation and instrumentation. In addition, it will neatly and efficiently convert steel mill waste products into high grade zinc concentrate for sale to smelters in Europe and Asia. We look forward to commissioning later in the year. For Global Atomic shareholders it is important to note that the expansion has been funded at the project level, through a combination of 2018 operational cash flow and credit lines,” said Mr. Roman.
About Global Atomic
Global Atomic Corporation is a TSX Venture listed company providing a unique combination of high grade uranium development and cash flowing zinc concentrate production.
The Company’s Uranium Division includes six exploration permits in the Republic of Niger covering an area of approximately 750 km2. Uranium mineralization has been identified on each of the permits, with the most significant discovery being the DASA deposit situated on the Adrar Emoles III concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The DASA deposit is currently undergoing a feasibility program to study shipping mineralized material to Orano Mining’s operations in Arlit under an MOU signed with Orano in July, 2017.
Global Atomics’ Base Metals Division holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST”) joint venture, which operates a processing facility, located in Iskenderun, Turkey, that converts Electric Arc Furnace Dust (“EAFD”) into a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (“Befesa”, listed on the Frankfurt exchange under ‘BFSA’), holds a 51% interest in and is the operator of the BST joint venture. Befesa is a market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe and Korea.
BST is well underway with an expansion project to significantly modernize and expand its processing plant in Turkey. The expansion is targeted to double annual production of zinc from 30 million lbs to 60 million lbs and is supported by EAFD supply currently available for processing in Turkey. The new plant is scheduled for completion by September 2019.
|Stephen G. Roman
Chairman, President & CEO
Tel: +1 (416) 368-3949
Tel: +44 7803 712 280
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomic’s development potential and timetable of its operating, development and exploration assets; Global Atomic’s ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", “targets”, "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Global Atomic’s annual and interim MD&As.
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