Ferro-Alloy Resources Ltd (LSE:FAR) increased production in 2023 after a strong final quarter at Balasausqandiq in Southern Kazakhstan.
The miner is operating at a small-scale operation currently ahead of an expected major expansion following the completion of a feasibility study.
In the year to end December, total tonnes of concentrate produced rose by 7% to 2,228 tonnes (t) comprising 310t of vanadium pentoxide (up 1.6%), 34.4t of molybdenum (down 4.4%) and 111t of nickel (up 7%).
Ferro-Alloy added that to have a regular supply of concentrate to meet offtake commitments it has been building up supplies and holds concentrate equivalent to around seven months’ worth of production.
These stockpiled concentrates require longer process-residence times than has been the case up to now, so production during the first two quarters of 2024 will be similar to that of the fourth quarter’s 703t, Ferro-Alloy added.
“The company aims to increase production by treating different and higher quality concentrates as they become available,” said the statement.
Nick Bridgen, chief executive, added: "The existing plant is operating well and in spite of the different characteristics we have found with the new concentrates, it's pleasing to report sustained or slightly increased production.
“Our main task remains to complete the feasibility study into the Balasausqandiq project, the results to date of which meet our previous expectations."