Adamas Finance Asia Limited Future Metal: Production Commenced and Update (0432Y)
27 Dicembre 2019 - 8:01AM
UK Regulatory
TIDMADAM
RNS Number : 0432Y
Adamas Finance Asia Limited
27 December 2019
27 December 2019
ADAMAS FINANCE ASIA LIMITED
("ADAM" or the "Company")
Future Metal Holdings Limited: Production Commenced and
Update
Adamas Finance Asia Limited (AIM: ADAM), the London quoted
company focused on providing shareholders with attractive
uncorrelated, risk adjusted returns from a diversified portfolio of
pan-Asian investments, is pleased to provide an update on its
investment in Future Metal Holdings Limited ("Future Metal"), which
was previously known as Hong Kong Mining Holdings. The Company has
an 85% shareholding in Future Metal, representing ADAM's largest
investment by value in the portfolio.
The quarry's processing line has now been installed and
commissioned and the initial run of the processing plant has been
successfully conducted. The equipment and transmission system are
working well with approximately 200 Tonnes of dolomite produced
during the initial run. Further ramping up of production commenced
in the third week of December and production is on track to achieve
the daily production target of 800 to 1,000 tonnes over the coming
quarter.
By mid-next year, the management team expects daily production
capacity to reach around 2,000 Tonnes due to increased operational
efficiency to be extracted from the current configuration of
equipment onsite. The actual level of output will be configured
based on contracts for sale of product which management will look
to secure in the 1(st) half of 2020.
Based on the successful initial production run, the Company is
constructing a steel structure to enclose its stockpile site,
installing dust removal equipment and commencing the process of
land hardening to comply with the local environmental requirements.
These initiatives remain on plan for delivery after the initial
production run and ramping up of daily production.
Future Metal entered its first sales contract on 30 November
2019 with a local construction company for an order of 1,000 Tonnes
of wall rock at a price of RMB48/Tonne (USD6.8/Tonne). Meanwhile,
the quarry has also been contacted by other potential buyers with
respect to the availability of its products now that initial
production has commenced.
The local management team intends to obtain a Work Safety Permit
and Discharge Permit, which, according to local regulations, can
only be applied for after production has commenced. These
initiatives are expected to complete in the first half of 2020.
John Croft, Chairman of Adamas Finance Asia Limited,
commented:
"We are pleased to have commenced production at the quarry and
begun initial sales of Future Metal's products before the year end
as planned. Full production is continuing to ramp up well with
strengthening levels of interest from potential buyers of the
quarry's products with prices in line with previous guidance given
by the Company. We look forward to updating shareholders in Q1 2020
as production ramps up and further sales contracts are agreed."
Further details on Future Metal including an updated photo and
video gallery of the site can be found on its website:
www.futuremetalholdings.com
For further information, please visit the Company's website at
http://adamasfinance.com and follow the Company on Twitter
(@AdamasFinance).
FOR FURTHER INFORMATION, PLEASE CONTACT:
Adamas Finance Asia Limited +44 (0) 1825 830587
John Croft
---------------------
WH Ireland Limited - Nominated Adviser +44 (0) 20 7220 1666
---------------------
James Joyce
---------------------
James Sinclair Ford
---------------------
Pello Capital Limited - Corporate
Broker +44 (0) 20 3700 2500
---------------------
Tim Sohal
---------------------
Maitland/AMO - Communications Advisor +44 (0) 20 7379 5151
---------------------
James Benjamin
---------------------
Peter Hamid
---------------------
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
About Adamas Finance Asia
Adamas Finance Asia Limited (ADAM) is quoted on the AIM Market
of the London Stock Exchange and is committed to providing
shareholders with attractive uncorrelated, risk adjusted long-term
returns from a combination of realising sustainable capital growth
and delivering dividend income.
The Company is focused on providing growth capital and financing
to emerging and established Small and Medium Enterprises (SME)
sector throughout Asia, well diversified by national geographies,
instruments and asset classes. This vital segment of the economy is
underserved by the traditional banking industry for regulatory and
structural reasons.
The Company's investment manager, Harmony Capital, seeks to
capitalise on its team's established investment expertise and broad
networks across Asia. Through rigorous diligence and disciplined
risk management, Harmony Capital is dedicated to delivering
attractive income and capital growth for shareholders with
significant downside protection through selectively investing in
assets and proactively managing them.
Harmony Capital is predominately sourcing private opportunities
and continues to create a strong pipeline of attractive income
generating assets from potential investments in growth sectors
across Asia, including healthcare, fintech, hospitality, IT and
property.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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