Regulatory Story
Go to market news section View chart   Print
Company Sunkar Resources PLC
TIDM SKR
Headline

Approval of Changes to the Subsoil Use Contract

Released 07:00 25-Feb-2013
Number 5397Y07

RNS Number : 5397Y
Sunkar Resources PLC
25 February 2013
 



February 25, 2013

SUNKAR RESOURCES PLC

("Sunkar" or the "Company")

 

Approval of Changes to the Subsoil Use Contract

 

Sunkar (AIM:SKR) is pleased to announce that the Ministry of Industry and New Technologies of the Republic of Kazakhstan ("MINT") has approved changes to the Company's mining plan and Work Programme commitments regarding the development of the Chilisai phosphate deposit. 

 

As announced on 29 May 2012 in the Company's annual report, the Company has applied to the Government of Kazakhstan to have the mining commitments under its Subsoil Use Contract ("SUC") amended. This approval has now been granted and the new annual mining commitments are as follows:

 

Ore Extraction ('000 tonnes)

Year

Old Commitments

Revised Commitments

2012

1,000

300

2013

2,000

300

2014

5,000

300

2015

5,000

5,000

2016

10,000

5,000

2017

10,000

5,000

2018-2022

10,000

10,000

2023-2029

10,000

12,000

2030

10,000

13,000

 

Serikjan Utegen, CEO of Sunkar, commented:

 

"Approval of these changes supports Sunkar's schedule for the development of the Chilisai Fertilizer Project and again underlines the support that Sunkar is receiving in Kazakhstan. In due course, the Company will apply for these changes to be formally included within the SUC."

 

The new mining plan reflects changes in the mining commitments, which were proposed by the Company to MINT in February 2012 and which have now been accepted. The Company mined 307,000 tonnes of ore in 2012 thereby satisfying the revised commitment. 


Following the decision to approve the amended mining plan, the Company and MINT can now prepare an amendment to the SUC and the Work Programme which set out formally the Company's commitments in respect of the Chilisai Project.  The Company will provide an update when further information becomes available.

 

 

 

 

For further information, please contact:

Sunkar Resources plc

Teck Soon Kong, Chairman

Serikjan Utegen, CEO

 

Tel: +44 20 7397 3730

 



Strand Hanson Limited

Simon Raggett

Stuart Faulkner

David Altberg

 

 

Tel: +44 20 7409 3494

Bankside Consultants

Simon Rothschild

 

Tel: +44 20 7367 8888

or visit: www.sunkarresources.com

Notes to Editors:

Sunkar Resources plc

Sunkar Resources plc, through its wholly owned subsidiary Temir Service LLP, operates a phosphate rock mine in Aktobe Oblast, North West Kazakhstan. Temir Service LLP holds a Subsoil Use Contract to part of the Chilisai Phosphate Rock Deposit. The contract area is estimated to contain 800Mt of phosphate ore.

Sunkar's strategy is to build a world class integrated ammoniated phosphate fertilizer plant with low operating costs. Sunkar's low cost base derives from its near surface phosphate rock deposit and access to sulphur from the nearby North Caspian oil and gas fields.

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCFMGZZLDFGFZM
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Approval of Changes to the Subsoil Use Contract - RNS