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On 24 April 2025, Firering Strategic Minerals plc increased its interest in Limeco Resources Limited to 20.5% through the acquisition of an additional 3.8% stake for a cash consideration of US$1,033,333. Firering also retains an option to acquire a further 24.5% interest in Limeco for a total cash consideration of US$4.65 million.
| Date | 24 Apr 2025 |
| Time | 07:00:07 |
| Category | Miscellaneous |
| ID | 9335F |
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining
24 April 2025
Firering Strategic Minerals plc
("Firering" or "the Company")
Firering Increases Strategic Interest in Zambian Quicklime Project
Firering Strategic Minerals plc, an emerging quicklime production and critical mineral exploration company, is pleased to announce that it has increased its interest in Limeco Resources Limited ("Limeco") to 20.5% following the acquisition of an additional 3.8% stake for cash consideration of US$1,033,333. This is in line with the Share Purchase Agreement announced on 28 May 2024. Firering also retains an option to acquire a further 24.5% interest in Limeco for a total cash consideration of US$4.65 million.
Limeco owns a significant limestone project located approximately 22km west of Lusaka, Zambia. As recently reported, high-quality quicklime ('CaO') is being produced at the first of eight kilns, with CaO sample purity levels reaching over 90%, well above the accepted target for metallurgical processes of 80% or higher.
Yuval Cohen, Firering CEO, said, "With quicklime production at Limeco continuing to increase, it's great to see our interest in the business grow in parallel. We continue to believe in the Project's long-term potential and strategic value as we look to bring the remaining seven kilns into operation. We're seeing increasing demand for locally produced quicklime, particularly across the copper mining sector in the region, and completion of this investment positions us strongly to capitalise on that momentum."
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For further information visit www.fireringplc.com or contact:
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Firering Strategic Minerals Yuval Cohen |
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SPARK Advisory Partners Limited (Nominated Adviser) Neil Baldwin / James Keeshan |
T: +44 20 3368 3550
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Optiva Securities Limited (Joint Broker) Christian Dennis / Daniel Ingram |
T: +44 20 3137 1903 |
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Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar |
T: +44 20 7186 9950 |
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St Brides Partners Limited (Financial PR) Isabel de Salis / Susie Geliher / Seb Weller |
Notes
Firering Strategic Minerals plc, an AIM-listed resource company, is positioned to scale up production in 2025 at its quicklime project in Zambia to produce 600-800 tonnes of quicklime daily along with a range of ancillary products. With over US$100 million in historical investment, the project is strategically positioned to support the expanding copper producers in the Zambian Copper Belt, which are currently reliant on imported quicklime from South Africa. Firering currently holds a 20.5% stake in Limeco Resources Limited ("Limeco") and an option to increase this to 45%. Additionally, the Company is advancing the Atex Lithium-Tantalum Project in northern Côte d'Ivoire, an exploration project rich in lithium and tantalum-niobium, with drilling results indicating significant resource potential in this established mining jurisdiction.