LONDON - Kazera Global plc, an AIM-quoted investment company, has announced significant corporate and operational developments, including increased stakes in two South African projects and the initiation of legal proceedings to recover outstanding payments.
The company's strengthened position in Whale Head Minerals (WHM) and Deep Blue Minerals (DBM) comes post-period, with ownership now at 70% and 74% respectively. These developments follow the completion of essential commissioning work at WHM's Heavy Mineral Sands plant and the installation of new equipment at DBM, positioning both projects closer to commercial production.
Kazera has also entered into an offtake agreement for its heavy mineral sands, with a prepayment of US$600,000 signaling the start of imminent commercial production. Additionally, the company has applied for a Mining Right for the Perdevlei project, which could significantly scale operations due to its size compared to the existing Walviskop project.
On the corporate front, Kazera has received aggregate payments of US$4.4 million from Hebei Xinjian for the sale of African Tantalum Pty Ltd (Aftan), with ongoing legal proceedings to recover the remaining US$9.5 million. The board has also been strengthened to support the transition from a developer to a producer, and Catalyse Capital Ltd has become the largest shareholder.
The company's annual report for the year ended 30 June 2024, and the notice of its Annual General Meeting, scheduled for 14 January 2025, will be posted to shareholders and made available on the company's website.
Dr. John Wardle, Non-Executive Chairman, expressed optimism about the group's prospects, citing the achievement of significant milestones and the exciting developments that position the company for sustained success.
This news is based on a press release statement.
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