Firering Strategic Minerals plc (LON:FGR), an emerging quicklime production and critical mineral exploration company, has announced that it has increased its interest in Limeco Resources Limited 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 Strategic Minerals 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.”
