Trecora Resources Provides Update on AMAK
SUGAR LAND, Texas, Jan. 16, 2018 /PRNewswire/ -- Trecora Resources (NYSE: TREC), a leading provider of high purity specialty hydrocarbons and waxes, today announced a progress report on the Al Masane Al Kobra Mining Co. ("AMAK") operations. Trecora owns 33.4% of AMAK, which is a Saudi Arabian joint stock company located in the Kingdom of Saudi Arabia.
- Approximately 20,000 metric tons of Copper and Zinc concentrate sales occurred in the fourth quarter of 2017 with corresponding full year 2017 concentrate sales of approximately 28,000 metric tons
- December feed rates were close to 70 dry metric tons per hour, the highest level since the restart of the mine in January 2017
- Plant mechanical availability currently stands at 90%, which is the highest since the restart
- Additional sales of gold and silver doré are expected in the first quarter of 2018, with plans to commission Guyan Gold Project in the first half of 2019
- The Life of Mine study for Al Masane Cu-Zn Mine, currently anticipated to be available by the end of the first quarter of 2018, will benefit from recent improvements to the geological model that are expected to increase both the confidence level of the mineral resources and life of mine
"We are pleased with the continued progress at AMAK, which provides us with additional confidence in the asset's ability to generate future upside opportunities for Trecora shareholders," commented Simon Upfill-Brown, President and Chief Executive Officer of Trecora Resources. "We are close to receiving the results of the Life of Mine study, which was recently enhanced through updates and improvements to the geological model. Mine production shows an increasingly positive trend in terms of both output and metal recoveries and this trend is expected to continue during 2018 until target levels are achieved. We believe the continued improvement at AMAK, along with on-going positive exploration results, further supports our goal of potential monetization of our investment in the mine in the next year or so."
About Trecora Resources (TREC)
TREC owns and operates a facility located in southeast Texas, just north of Beaumont, which specializes in high purity hydrocarbons and other petrochemical manufacturing. TREC also owns and operates a leading manufacturer of specialty polyethylene waxes and provider of custom processing services located in the heart of the Petrochemical complex in Pasadena, Texas. In addition, the Company is the original developer and a 33.4% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company.
Statements in this press release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon our belief, as well as, assumptions made by and information currently available to us. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Trecora Resources' filings with the Securities and Exchange Commission, including Trecora Resources' Annual Report on Form 10-K for the year ended December 31, 2016, and the Company's subsequent Quarterly Reports on Form 10-Q. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release.
Investor Relations Contact:
Jean Marie Young
The Piacente Group
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SOURCE Trecora Resources