Global Atomic Corporation (CVE:GLO) announced Wednesday that partner Befesa Zinc SAU has resumed operations at its processing plant in Iskenderun, Turkey after completing a successful expansion project.
The Toronto-based company has a 49% interest in the Befesa Silvermet zinc concentrate production facility in Turkey and is advancing the DASA uranium deposit in Niger.
The BST joint venture, which operates a processing facility, is located in Iskenderun, Turkey, and converts electric arc furnace dust (EAFD) into a high-grade zinc oxide concentrate. The firm noted the expansion from 65,000 tons to 110,000 tons of electric arc furnace dust processing capacity was completed on time and on budget.
The company's joint venture partner, Befesa Zinc SAU, a wholly-owned subsidiary of Frankfurt Stock Exchange-listed Befesa SA, holds a 51% in and is the operator of BST.
“The Iskenderun plant expansion project was highly successful," noted Global Atomic's CEO Stephen G Roman. "We would like to thank our partner, Befesa, for a job well done.”
The expansion project kicked off in January 2019, and around 20,000 tonnes of EAFD is now stockpiled at warehouses and plant facilities.
The firm noted the plant will immediately operate at capacity for the remainder of 2019, thanks to existing stockpiles. Economics of the plant are expected to improve, including a boost in zinc recovery rates from 80% to 90%.
Global Atomic noted zinc in concentrate will double to around 60 million pounds annually, if fully utilized, and unit operating costs will be reduced, thanks to the utilization of available technology.
Shares of Global Atomic were at C$0.47 on Wednesday.
Contact Katie Lewis at [email protected]