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NSL Consolidated shares rise on progress at iron ore plant in India

Sale of the iron ore product to commence in February.
NSL Consolidated shares rise on progress at iron ore plant in India
NSL Consolidated shares rise on progress at iron ore plant in India

NSL Consolidated’s (ASX:NSL) shares were last trading 8.1% higher intra-day at $0.04, after making significant progress at its phase two iron ore wet beneficiation plant in India.

NSL is aiming to produce around 200,000 tonnes of iron ore product per annum from the phase two wet beneficiation process.

The company’s plant process flow optimisation is now generating good results utilising very low grade waste iron ore feed to test the process boundary limits.

NSL has been able to exceed expectations, with full plant process beneficiating low grade iron ore waste from as low as 14% iron feed regularly to in excess of 62% iron and up to 65.3% iron.

The results of this testing further increase confidence in achieving the company’s targeted 58–62% iron and a potential upside to the expected plant production grades.

NSL has ramped up operability of the crushing and screening plant and will commence to feed run-of-mine material grading between 25-35% iron into the plant in the coming week.

Further to this, the company expects sales of the wet beneficiation plant product to commence in February, with multiple customer discussions at the final stages.

Given the positive optimisation results and imminent sales, NSL has commenced the process of ramping up production to a 24-hour operation to meet expected production and financial targets in the coming months.

NSL is the only Australian or foreign company to own and operate in India’s massive iron ore market, and has an established dry processing plant operation for iron ore product at Kurnool.

The plant is serviced by two of its local mines nearby, Kuja and Mangal. These mines will also provide the feedstock for the phase two wet beneficiation plant.

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