Fluormin is a producer of acid grade fluorspar, an industrial mineral widely used in the chemical and aluminium industries for the making of products such as HFCs (Hydrofluorocarbons used as refrigerant gases like Freon ™) and aluminium fluoride.
17/12/12Fluormin flourishes after Witkop settlement with unions
19/10/12Fluormin chief Bolton says future is not dependent upon Witkop restart
18/10/12Fluormin posts profit after tax of £3.5 million in 2012 financial year
15/10/12UPDATE: Fluormin puts South African mine on care and maintenance
15/10/12Fluormin puts South African mine on care and maintenance
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No documents available.
Fluormin, formerly known as Maghreb Minerals Plc, was admitted to trading on AIM in December 2004 with a focus on Tunisian base metals projects. The Company sold these base metal projects (retaining an interest in any fluorspar production) in August 2011. In late 2011, the company acquired Sallies Ltd, Owner of the Witkop Fluorspar Mine.
Fluormin plc is a producer of acid grade fluorspar, an industrial mineral widely used in the chemical and aluminum industries for the making of products such as hydrofluorocarbons (e.g., freon gas) and aluminum fluoride.
The Company currently owns the Witkop Fluorspar Mine. In addition, the Company holds a 49% interest in a leading trader of fluorspar, Fluorone.
The 2010 freely traded global fluorspar production (and demand) for acid grade fluorspar is estimated by Roskill to be approximately 700,000 tonnes.
Similar to rare earths, China dominates the production and consumption of fluorspar and has been the leading supplier of fluorspar for 20 years, accounting for over 50% of production and consumption in 2010. However, in recent years increased internal Chinese consumption has led the United States and Europe to place fluorspar on their list of critical minerals.
Fluormin plc is incorporated and registered in England and Wales as a limited liability company and is listed on the AIM market of the London Stock Exchange (Ticker: FLOR).
The Company has a portfolio of fluorspar interests in South Africa and Tunisia together with a significant interest in an international fluorspar trading company:
- Witkop Fluorspar Mine South Africa
- Glencore Fluorspar Offtake Agreement Tunisia
- Zriba-Guebli Fluorspar Project Tunisia
- Fluorone Trading Limited BVI
Witkop Fluorspar Mine
Witkop Fluorspar Mine (“Witkop”) first commenced operations in 1972. Witkop is located 18km south of the town of Zeerust in the North Western Province of South Africa, approximately 250km northwest of Johannesburg. Following extensive refurbishment and upgrading, the mine recommenced production in March 2011.
Product is sold via the deep water port at Durban and is dispatched to Durban by train from the Company’s rail-siding.
Zriba Guebli Project
The Zriba-Guebli Fluorspar Project in Tunisia consists of a dormant mine with surrounding prospects, which is classified as a brownfields exploration project. Mining occurred in underground developments at the Zriba-Guebli mine until 1992, at which time the mine was closed, largely due to low fluorspar prices. The project is situated 70 km southwest of Tunis and comprises a single exploration permit, 34.6 km2 in extent, within the Hamman Zriba mining district, a renowned fluorspar-barite-lead-zinc metallogenic province. The project has an extensive poly-metallic, fluorspar-barite MVT deposit, with associated lead-zinc, which straddles the northwest-southeast trending Zriba-Guebli graben.
The project has been subdivided into three prospect areas, namely, the western Guebli horst, the graben valley and the Zriba horst block in the east. The mineralisation is structurally and lithologically controlled and hosted in the shallow dipping unconformity between Upper Cretaceous reef limestone units and Jurassic carbonates. The magnitude of the target is large in terms of global fluorite–barite deposits and this, coupled with the grade, the good quality of fluorspar and barite, and historic exploitation, suggests that further exploration is warranted.
The offtake agreements pertain to three Tunisian projects, Bou Jabeur, Fej Lahdoum and Jebel Fej Lahdoum, which were sold to subsidiaries of Glencore in August 2011. These agreements each permit the Company (or its nominee) to offtake all fluorspar produced from these base metal projects at the incremental cost of separating the same from other processed minerals. The incremental operating and capital costs are expected to be very low, or even nil, as a result of the fact that most process design plans would foresee the separation of fluorspar and other by-products as a natural consequence to the production of zinc and lead concentrate.
FluorOne Trading Limited
Fluormin has formed a specialised fluorspar marketing company in conjunction with a leading expert on the trading and marketing of fluorspar. The trading company is owned 49% by Fluormin.
FluorOne’s business involves the purchase, sale, storage, transport, offtake, hedging, marketing or other dealing of fluorspar products (whether produced by the Fluorspar group of companies or otherwise).
James Passin (40), Non-Executive Chairman
Mr. Passin joined Firebird in 1999. He co-founded and manages Firebird Global Fund, Firebird Global Fund II, Firebird Mongolia Fund, and Firebird New Mongolia Fund. He is a former editor at investment newsletter Taipan. James is a graduate of St. John’s College, where he majored in philosophy and classical literature. James serves on the board of directors of several Mongolian and Canadian companies.
Mark Bolton (43), CEO
Mr. Bolton has substantial expertise across a broad range of financial and commercial issues in the resource sector. Mr. Bolton has a Bachelor of Business from the Edith Cowan University, he has completed the professional program for membership of the Institute of Chartered Accountants of Australia and he has held a number of senior executive officer positions, including Chief Financial Officer, Chief Operating Officer and Vice President – Corporate Development with resource companies listed on the ASX, TSX and AIM with activities in Australia, Southern and Central Africa, Asia and South America. Mr. Bolton’s career includes a 10-year tenure with Ernst and Young, stepping down as Director of Ernst & Young Corporate Finance Pty Ltd in 2002.
Albert C. Gourley (46), Non-Executive Director
Mr. Gourley has a Bachelor of Business Administration from York University (now Schulich), Toronto, and a law degree from the University of Ottawa. He has practised law since 1992, originally in Canada and then in the UK and is admitted as a solicitor in both Ontario and the UK. He founded and managed the South African office of an international law firm. With a focus on mergers & acquisitions, financings and initial public offerings. He has sat on a number of boards of mining companies and has aided Fluormin in its development since joining the Board in 2008.
Jeffrey Kofsky (45), Marketing Director
Mr. Kofsky has 20 years’ experience in the international fluorspar trade. During this time he has developed a particular expertise on the Chinese fluorspar market and developed close, professional links with the major fluorspar consumers in America and Europe. He also has gained extensive experience in the global freight market for bulk commodities.
Sean Murray (66), Non-Executive Director
Mr. Murray has held senior management positions in the Rio Tinto group of companies and, in particular, at Rio Tinto Borax, an industrial minerals company and subsidiary of the Rio Tinto Group. He became Managing Director of Borax Europe and then Deputy Chief Executive of Rio Tinto Borax, also serving on the boards of other Rio Tinto subsidiary companies including U.S. Borax (California), Borax Francais (Paris and Dunkirk) and Borax Argentina (Buenos Aires and Salta). He has also served as a Vice-President of the European Zinc Institute (The Hague), as an Industry Advisor to the UK government on non-ferrous metals and minerals, as Vice-President of the Industrial Minerals Association, and as President of the European Borates Association.
Muriel Dube (39), Non-Executive Director
Ms Dube is a banker with Investec plc, who has held several senior management and executive roles in the mining and services industries in South Africa and the UK. Her public sector experience includes positions in the South African Government and the United Nations. She serves as a non-executive director on the board of JSE-listed international services, trading and distribution company; Bidvest Group Ltd, as well as EnviroServ Pty Ltd, a leading waste management company in Africa.
Brian Kiernan (46), Non-Executive Director
Mr Kiernan is a natural resources entrepreneur who was Chief Executive of Moydow Mines International Inc, a company formerly listed on both the TSX and AIM prior to its successful takeover by Franco-Nevada Corporation in January 2010. Mr Kiernan is currently a Director of Moydow Resources Ltd and several other private companies in the energy and mining sector principally in Africa.
Firebird I and Firebird II are investment funds that are organised in the Cayman Islands and are managed and controlled by, respectively, FGS Advisors, LLC and FG2 Advisors, LLC. James Passin is one of the owners of FGS Advisors, LLC.
Information taken from Company website 18/10/2012
83 Baker Street
Telephone: +44 (0) 20 7034 7150
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Mark Bolton Chief Executive Officer
Telephone: +44 (0) 20 7034 7150
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FluorOne Trading Limited
c/o FluorOne Management
551 Fifth Avenue, 28th Floor
New York, NY 10176
Telephone: +1 (646) 810 3118
Fax: +1 (212) 672 1501
General enquiries to: email@example.com
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