AMSTERDAM, The Netherlands, July 12, 2017 /CNW/ - Meridian Mining S.E. (TSX V: MNO) ("Meridian " or the "Company") today announced production and sales results from its Espigão manganese project for the second quarter of the year ending December 31, 2017. All financial results are reported in US dollars unless otherwise stated.
"Production has successfully been ramped up according to our forecasts for the year and in fact surpassed our projections for the quarter," said Anthony Julien, President and CEO of Meridian. "In addition, with the pilot plant nearing completion, this will allow us to further increase production to achieve the planned 50,000 tons in 2017."
Production & Sales Results
(Unless otherwise noted, comparisons are made between Q2 fiscal 2017 and Q2 fiscal 2016)
- Meridian achieved production of 10,775 tonnes in the second quarter, compared to 5,239 tonnes in Q2 2016. This represents a 106% increase, in line with the forecasted ramp up of manganese operations as planned for 2017.
- Sales in the second quarter were 5,901 tonnes of manganese oxide mineral product compared with 9,112 tonnes in Q2 2016, a decrease of 35%. This decrease was expected, as during the same period last year Meridian sold inventories built during 2015.
- Meridian has confirmed orders for 2017 totalling 52,832 tonnes, which will account for all planned production in 2017.
- CIF Tianjin pricing for 44% manganese was $5.87 per dmtu as of June 30th , 2017 and was $3.17 per dmtu as of June 24th, 2016. (source: www.metalbulletin.com).
Pilot Plant Update
As previously advised, construction of the pilot plant began in early June and has advanced significantly. Construction components completed to date are topography, civil works, new feeder and primary crusher, and roll crusher. Final components that are in construction are the electrical room, jigs building and equipment, belt conveyors, trommel and screening. Commissioning is on budget and on target to be completed by mid-August.
The technical information about the Company's production and sales activities has been prepared under the supervision of and verified by Carlos Braga (B.Sc., MBA, member of the Chilean Mining Commission), the Chief Operating Officer of Meridian Mining, who is a "qualified person" within the meaning of National Instrument 43-101.
The technical information about the Company's exploration activity has been prepared under the supervision of and verified by Dr. Adrian McArthur (B.Sc. Hons, PhD. FAusIMM), the Chief Geologist of Meridian Mining, who is a "qualified person" within the meaning of National Instrument 43-101.
On behalf of the Board of Directors of
Meridian Mining S.E.
President, CEO and Director
Meridian Mining S.E. is focused on the acquisition, exploration, development and mining activities in Brazil. The Company is currently focused on exploring and developing the Espigão manganese project, the Bom Futuro tin JV area, and adjacent areas in the state of Rondônia. The Company employs a two-pronged strategy with the objective of growing pilot production while advancing a parallel multi-commodity regional exploration program. Meridian is currently producing high grade manganese at its project located at Espigão do Oeste.
Further information can be found at www.meridianmining.co.
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of its properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
The Company cautions that it has not completed any feasibility studies on any of its mineral properties, and no mineral reserve estimate has been established. In particular, because the Company's production decision relating to BMC's manganese project is not based upon a feasibility study of mineral reserves, the economic and technical viability of the Espigão manganese project has not been established.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.
For further information: Fiona Grant Leydier, 416-848-9851, [email protected]