Ferro-Alloy Resources Limited (“FAR” or the “Company”) is a Guernsey registered company, formed in 2000, which is the 100% owner of Firma Balausa LLP, the holder of the rights to develop and exploit the Balasausqandiq vanadium deposit in Southern Kazakhstan (Kyzylordinskaya Oblast).
FAR has been accepted by the listing committee for listing on the Kazakhstan Stock Exchange and plans to list on another exchange, most likely the LSE, later in 2017.
Immediately prior to listing, FAR had 121 shareholders who included around 23% well-known institutions, 46% management, and 31% individuals or family structures. Loosely, some 48% of its shareholders or controlling funds are British or connected with the UK, around 14% US and around 24% Kazakhstan, with others from several other countries.
The Company is currently producing vanadiumin the form of ammonium metavanadate or redcake, treating purchased concentrates and spent catalysts. The current output capacity is dependent on the type of feed. Using low-grade concentrates from Russia it is capable of producing around 200 tonnes of vanadium pentoxide (equivalent) per year or, using higher grade spent catalysts, up to 450 tonnes per year. Having proven the operating effectiveness, the Company now plans to increase output of the existing processing plant to up to 2,000 tonnes of V2O5 per year.
In parallel with the existing processing operations, FAR intends to develop the Balasausqandiq mine and to build an additional processing plant which will be entirely separate from and operate independently of the existing processing plant. The ore at this deposit is unlike that of nearly all other primary vanadium deposits and is capable of being treated by a much lower cost process. FAR plans to become the world’s lowest cost primary producer and has the scale of deposit which will allow it to become one of the world’s largest producers.