11th Nov 2019 15:06
(Alliance News) - Adamas Finance Asia Ltd said on Monday it is "pleased to report continuing good progress" at its 85%-owned Future Metal, previously known as Hong Kong Mining Holdings.
The company said the management team onsite is nearing completion of the necessary works to prepare the quarry to restart production as planned in late 2019, with test production run scheduled to occur later this month.
Adamas Finance holds 85% shareholding in Future Metal, representing its largest investment by value in the portfolio, the company said.
In addition, the company said that local management team is continuing to closely oversee and monitor all activities onsite and has contracted local construction teams to assist with renovation and repair of buildings and equipment.
Adamas Finance believes that the quarry is likely to commence initial production following the installment of the conveyor belts, which will be installed following the completion of site levelling works.
In September the company announced the anticipated metrics for full-scale production at Future Metal's quarry, including the expected output quantities and estimated sales prices.
Adamas Finance Asia shares were up 2.1% in London at 24.00 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
ADAM.L