Sunkar Resources wins approval of new commitment programme

Mining group Sunkar Resources said Monday that the Ministry of Industry and New Technologies of the Republic of Kazakhstan has approved changes to the company's mining plan and work programme commitments relating to the development of the Chilisai phosphate deposit.

As such it ore extraction commitments under the subsoil use contract (SUC) have been reduced for the years 2012-14 and 2016-17, and maintained for the years 2015 and 2018-22, and increased for 2023-30.

The group was consequently able to satisfy its 2012 commitments after mining 307,000 tonnes, ahead of the revised agreement of 300,000 tonnes.

Chief Executive Officer Serikjan Utegen, said: "Approval of these changes supports Sunkar's schedule for the development of the Chilisai Fertilizer Project and again underlines the support that Sunkar is receiving in Kazakhstan. In due course, the company will apply for these changes to be formally included within the SUC."

The share price rose 11.11% to 4.50p by 10:55.

NR