Trecora Resources Announces Re-start of AMAK Operations
Renovation Work Completed on Schedule
SUGAR LAND, Texas, Jan. 5, 2017 /PRNewswire/ -- Trecora Resources (NYSE: TREC), a leading provider of high purity specialty hydrocarbons and waxes, announced the Al Masane Al Kobra Mining Company ("AMAK") zinc and copper plant, located in Saudi Arabia, restarted its processing operations on December 16, 2016. Trecora is the original developer and a 33.4% owner of AMAK, a Saudi Arabian joint stock company.
AMAK took advantage of low metals prices worldwide, shut down the operation, and underwent extensive renovation work that was focused on improving production efficiencies. Particular emphasis was focused on improvement of efficiencies in recoveries and lowering of chemical use in the precious metals circuit. In addition during this time period, processing of the gold-bearing waste dumps from historical mining at the Guyan mining license area was completed and the results are being evaluated. Exploration of the Guyan site for further development is ongoing, and the results to-date are encouraging. AMAK also commenced an extensive underground and surface exploration drilling campaign on copper and zinc ore bodies at Al Masane during the fourth quarter of 2016 with the effort being lead by SRK, a United Kingdom-based mining consultancy firm. Exploration of the new lease areas, which were licensed in late 2015, is scheduled to commence later this year.
Under the new operating model, the mining and processing operations will be managed by an owner's team with technical support and labor resources provided by a Turkish company with considerable experience in the mining industry. The contract with the former operator, a Chinese mining company, was terminated in late 2015.
Simon Upfill-Brown, Trecora's President and Chief Executive Officer, commented, "We are excited to see a robust and steady startup of AMAK's milling operations following the successful on-time completion of significant renovation work. Currently, the fully refurbished AMAK plant has been able to run at high throughput rates, and we expect to continue to eliminate bottlenecks and to ramp up production of the mine over the next three-to-six months."
About Trecora Resources (TREC)
TREC owns and operates a facility located in southeast Texas, just north of Beaumont, which specializes in high purity hydrocarbons and other petrochemical manufacturing. TREC also owns and operates a leading manufacturer of specialty polyethylene waxes and is a provider of custom processing services located in the heart of the Petrochemical complex in Pasadena, Texas. In addition, the Company is the original developer and a 33.4% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon our belief, as well as, assumptions made by and information currently available to us. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Trecora Resources' filings with the Securities and Exchange Commission, including Trecora Resources' Annual Report on Form 10-K for the year ended December 31, 2015, and the Company's subsequent Quarterly Reports on Form 10-Q. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release.
Investor Relations Contact:
Matt Steinberg
The Piacente Group
212-481-2050
[email protected]
SOURCE Trecora Resources
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