Kazera readies for production of heavy mineral sands, diamonds
Aim-listed Kazera Global has been using funds from the ongoing sale of African Tantalum (Aftan) to put in place plant, staff and equipment at the Whale Head and Deep Blue projects, in South Africa, ahead of starting operations.
In an update to shareholders on the company’s performance for the six months ended December 31, Kazera says it expects a granted permit for the Whale Head project from the South African authorities by the end of April, while talks with potential customers progress in the meantime.
The company aims to start selling heavy mineral sands from the Whale Head project shortly after being granted the permit.
Further, at the Deep Blue diamond project, production is expected to start “imminently”, with Kazera CEO Dennis Edmonds noting that the required pulsating diamond jig is on site, a trommel screening plant is in place and a flow sort diamond recovery machine will be installed shortly.
He admits that there have been some frustrations and delays to the company’s projects, but that this will be the year in which Kazera starts to operate in earnest.
Kazera currently has a 90% direct interest in Deep Blue Minerals, in South Africa’s Alexander Bay, of which 64% is held beneficially by Kazera and 26% on behalf of black economic empowerment partners.
Kazera also holds a 60% direct beneficial interest in Whale Head Minerals, with heavy mineral sands, including ilmenite, monazite, rutile and zircon mining activity planned in Alexander Bay.
Meanwhile, Kazera in December 2022 agreed to dispose of Aftan to Hebei Zinjian Construction for a cash consideration of $13-million, as well as a debenture payment of 2.5% of the gross sales of produced lithium and tantalum for the life-of-mine.
The completion of the sale is subject to receipt of the full consideration proceeds.
The sale comprises the holding company for Kazera’s interest in the Tantalum Valley mine, in Namibia.
The company had £684-million in cash at the end of the period.
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