Adamas Finance Asia Limited (LON:ADAM) has reported continuing good progress at Future Metal with the management team onsite nearing completion of the necessary works to prepare the dolomite quarry to restart production as planned in late 2019, with a test production run scheduled to occur later this month.
The company holds an 85% shareholding in Future Metal, representing Adamas’ largest investment by value in its portfolio.
Adamas said the local management team is continuing to closely oversee and monitor all activities on-site and has sourced and contracted experienced local construction teams to assist with the renovation and repair of buildings and equipment.
In addition, the local management team believes that the quarry is likely to commence initial production following the instalment of the conveyor belts.
Conveyor belts to transport output will be installed following the completion of site levelling works.
It is a requirement of the local environmental bureau that the quarry completes the land hardening process as well as fully enclose the plant prior to granting of the Work Safety Permit.
The local management team is in late-stage discussions with a number of contractors to assist with these tasks, the company said in a statement.