September 8, 2016
BMSC Ships First Zinc Concentrate
Bisha Mining Share Company (the “Company” or “BMSC”) announces that it has sold and shipped the first zinc concentrate product from the Bisha mine in Eritrea. The ten thousand tonne lot was loaded at the Port of Massawa and sailed on September 7, 2016. The concentrate was sold on the spot market, attracting multiple offers and highly competitive treatment charges.
The Bisha mine completed the zinc flotation plant expansion earlier in 2016 on-time and under-budget. The plant allows Bisha to produce separate copper and zinc concentrates simultaneously from processing primary ore from the Bisha open pit mine.
Cliff Davis, Chairman of BMSC commented, “We are pleased to have a high quality zinc product coming to market in an environment of rising zinc prices. Bisha is the only significant new zinc concentrate coming to market in 2016 and we are being aggressively courted for offtake by various customers. We would like to congratulate our partner, the State of Eritrea, for adding another export product to the economy and thank them for their support.”
BMSC is scheduled to load additional shipments in the coming weeks and is ramping up to commercial production which is forecast for Q4 2016.
Forward Looking Statements
Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved. Forward-looking statements are statements concerning the Company’s current beliefs, plans and expectations about the future including but not limited to commercial production, future production of copper and related cash flows and other events or conditions that may occur in the future, and are inherently uncertain.
Bisha Mining Share Company
“Cliff T. Davis”
Cliff T. Davis