Global Atomic Announces Successful Startup of Turkish Zinc Facility
TORONTO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”) is pleased to announce Befesa Zinc S.A.U. (“Befesa”) has resumed operations at the Turkish EAFD processing plant in Iskenderun, Turkey. The expansion from 65,000 tonnes to 110,000 tonnes of electric arc furnace dust (“EAFD”) processing capacity has been completed on time and within budget.
The expansion project started in January 2019. Approximately 20,000 tonnes of EAFD is presently stockpiled at warehouses and plant facilities. With stockpiles to supplement new EAFD, the plant will immediately operate at capacity for the remainder of 2019. Economics of the expanded plant are expected to significantly improve as a result of the following:
- Zinc recovery rates to improve from 80% to 90%
- Zinc contained in concentrate will double to 60 million pounds annually at full utilization
- Unit operating costs to reduce on utilizing the best available technology in a clean, environmentally sensitive manner
Stephen G. Roman, President and CEO, commented, “The Iskenderun plant expansion project was highly successful. We would like to thank our partner, Befesa, for a job well done.”
About Global Atomic
Global Atomic Corporation is a TSX 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 a number of operating scenarios, including the option to ship 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 Asia.
The BST expansion project is now complete, start-up of the new processing facility is underway. 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.
Please visit our website: www.globalatomiccorp.com.
|Stephen G. Roman||Merlin Marr-Johnson|
|Chairman, President & CEO||Executive Vice President|
|Tel: +1 (416) 368-3949||Tel: +44 (20) 7389-5023|
The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.