Ferro-Alloy Resources Ltd (LSE:FAR) reported its first commercial sale of ferro-molybdenum and said it has completed testing for the production of ferro-vanadium.
“These are two important steps towards maximising the value we get from our exiting operation, and further demonstrates our growing technical expertise,” said chief executive Nick Bridgen.
“With vanadium prices at a relatively high and stable level, and with our growing production, our existing operations now fulfil their objective of providing cash flows to support our feasibility study and ongoing development of the Balasausqandiq deposit.”
The London-listed company started converting its calcium molybdate product into the higher value ferro-molybdenum in September.
It said it is now recovering around 4.5 tonnes per month of ferro-molybdenum as a by-product from its recovery of vanadium from bought-in concentrates and this is expected to grow as throughput of the plant increases.
Testing the production of ferro-vanadium allows the company to choose between selling its vanadium production as vanadium pentoxide or ferro-vanadium, depending on which is the most profitable.
In addition to the existing vanadium concentrate processing operation, Ferro-Alloy is developing the large, high-grade Balasausqandiq vanadium deposit in Southern Kazakhstan.