Firering Strategic Minerals recently announced that its subsidiary, Limeco Resources, has secured a 392.51-hectare exploration licence adjacent to its existing site in Zambia. This expansion is projected to enhance Limeco’s mineral resource estimate (MRE) by an additional 60 to 70 million tonnes, contributing to the long-term sustainability of the project. Limeco’s operations are located 22 kilometres west of Lusaka and are set to commence quicklime production by the fourth quarter of this year.
The project already benefits from a substantial limestone resource of 73.7 million tonnes, with a high calcium carbonate content of 95.3%. With the newly acquired licence, Limeco’s current production capacity, which is estimated at 600 to 800 tonnes of quicklime per day, could be extended to sustain operations for several decades. The board emphasised that this development aligns with Zambia’s broader goals of increasing copper production, as quicklime is essential in the copper extraction process. The expanded resource will enable Limeco to scale operations to meet growing demand in the Zambian Copper Belt.
Limeco has also begun generating positive cash flow through ancillary revenue, and the first of eight kilns is expected to come online by late 2024, with full-scale production ramping up in 2025. The potential increase in Limeco’s MRE was identified by Earthlab Exploration and Mining Consulting, an independent geological consultancy. Their review was based on conservative estimates, offering a stable foundation for the long-term success of the project.
Chief executive officer Yuval Cohen highlighted that the new licence extends Limeco’s resource base, allowing for the production of quicklime at 600 to 800 tonnes per day for up to 30 years. He further stated that, with phased production starting later this year, Limeco is poised to become one of the largest quicklime producers in the region. The company is strategically positioned to support copper producers in the Zambian Copper Belt, who currently rely on imports of quicklime from South Africa. As Zambia aims to increase copper production to 3 million tonnes annually by 2030, up from 760,000 tonnes in 2022, Limeco’s expanded capacity could play a crucial role in achieving this goal.
Firering Strategic Minerals plc (LON:FRG) is an AIM-quoted mining company focused on becoming a near-term cash generating producer of Quicklime, through their Limeco Project in Zambia, whilst at the same time progressing with the exploration and development of their Atex Lithium Project, Côte d’Ivoire.
