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Ortac Resources looks forward to more good news in Zambia

Published: 03:08 30 Dec 2015 EST

OTC-zmasort
Chairman Anthony Balme said he was excited by recent developments at Zamsort

Ortac Resources (LON:OTC) is looking forward to more good news from the Zamsort operation, in Zambia, where a commercial scale demonstration plant has been built.

At Zamsort, which will make copper cement and cobalt hydroxide filter cake, the company has a ten year small mining licence and commissioning is expected in the second quarter of 2016.

Over the past six months Zamsort, where Ortac has a 19.35% interest via a convertible loan, some US$2.6mln has been raised.

Elsewhere, Ortac has focussed on portfolio reshaping, namely a rationalisation of operations in Slovakia and London, which is says has allowed costs to be reduced by 60%.

The company told investors that it is still in talks with potential local partners in Slovakia.

It also highlights what it said were encouraging exploration results from 25.37% owned Andiamo Exploration Ltd at the Haykota License in Eritrea.

Anthony Balme, Ortac chairman, said: “Work over the past six months has allowed us to further diversify our portfolio, mitigating country-specific and commodity risk. 

“We are excited by recent developments at Zamsort, with the construction of the trial production plant, and hope for continued positive newsflow from that project over the next few months.

“Exposure to Eritrean potential through Andiamo Exploration Ltd. and maintenance of our Slovakian asset continue to offer significant upside which the Company seeks to exploit in 2016."

Interim financial results, for the six months to September 30, reveal an operating loss of £342,000 which has narrowed from £791,000 in 2014.

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