AMSTERDAM, Netherlands, Sept. 25, 2015 (GLOBE NEWSWIRE) -- (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG") is pleased to announce that it has secured $9.4 million of project financing from DEG - Deutsche Investitions- und Entwicklungsgesellschaft, a subsidiary of KfW, for the Ancuabe Mine project in the Cabo Delgado province of Mozambique.
The commitment for the countries of sub-Saharan Africa is one of the strategic focuses of DEG, just as accompanying German companies in future markets. The investment generates currency earnings for Mozambique and creates up to 100 jobs in a poor rural area of the country.
AMG will restart mining operations in the second quarter of 2016, with an initial projected annual production of 6,000 metric tons. Once operational, AMG's GK Ancuabe Graphite Mine S.A. operation will be the first and currently sole graphite producer in the Ancuabe area of Mozambique.
AMG's Mozambique assets include permitted mining concession 4C which encompasses the functional graphite producing plant at Ancuabe and exploration license 3659L at Nipacue, where a graphite deposit with a JORC compliant mineral resource estimate of 900,000 metric tons has been developed over the last 2 years.
AMG and Triton Minerals Limited (Triton) are cooperating to explore properties adjacent to AMG's Ancuabe Mine. For the avoidance of doubt, Triton's exploration activities are not connected to AMG's Graphite operations or resources at the Ancuabe Mine site.
AMG is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Critical Materials produces aluminum master alloys and powders, titanium alloys and coatings, ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and silicon metal. AMG Engineering designs, engineers, and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.
With approximately 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, China, Mexico, Brazil and Sri Lanka, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).
For further information, please contact:
AMG Advanced Metallurgical Group N.V.
Steve Daniels +1 610 293 5804
Vice President of Investor Relations
Certain statements in this press release are not historical facts and are "forward looking." Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.
September 25 2015 http://hugin.info/138060/R/1953843/711023.pdf
Source:AMG Advanced Metallurgical Group N.V.