- Ares Strategic Mining (CSE:ARS) has officially kicked off processing operations at its Lost Sheep fluorspar mine in Utah, positioning investors to benefit from near-term revenue.
- The company is now the only domestic fluorspar producer in the United States.
- Shares of Ares Strategic Mining last traded at C$0.36 and have added 33.33 per cent year-over-year.
Ares Strategic Mining (CSE:ARS) has officially kicked off processing operations at its Lost Sheep fluorspar mine in Utah, positioning investors to benefit from near-term revenue as the company transitions from developer to the only domestic fluorspar producer in the United States.
Ares is transporting ore to its metallurgical-grade processing facility in Delta, Utah, following years of mine development and construction work, and will now turn its focus on refining its process to ramp up production and execute on its go-to-market strategy.
This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
According to Tuesday’s news release, fluorspar is included on the US critical minerals list because of its wide-ranging applications across steelmaking, refrigerants, uranium fuel, glass and chemical manufacturing, coupled with the country’s 100-per-cent reliance on imports, placing Ares front-and-centre when it comes to bolstering the domestic supply chain.
Looking ahead, the company is taking initial steps towards a second processing plant focused on acid-grade fluorspar, the main feedstock to make hydrofluoric acid, a key ingredient in numerous fluorine-based industrial materials, with a supply deal with the US Government currently in place.
Leadership commentary
“There is an enormous difference between constructing and commissioning a plant and actually seeing trucks of your own ore arriving and that material entering the processing circuit. We have now connected the mine to the plant. This is the physical supply chain we have spent years building,” James Walker, President and Chief Executive Officer of Ares Strategic Mining, said in a statement. “Over the next week, our engineers and operators will use real Lost Sheep material to fine-tune the plant and understand exactly how the ore behaves through each stage of the process. We can optimize around the material we are actually mining rather than theoretical feed characteristics. Every truckload gives our team more operating information and takes us another step towards establishing consistent production.”
“Our shareholders have watched the underground workings being built, the processing plant rise from concrete foundations, the steel structures go up, the conveyors and electrical systems come online and thousands of tons of ore accumulate at the mine,” Walker added. “Now they can see that ore on trucks and entering the plant. For our team, this is one of the most satisfying stages of the project because all of those separate workstreams are beginning to operate as one business. We are mining a critical mineral in Utah and we are now processing that material in Utah. That is exactly what this company was created to accomplish.”
About Ares Strategic Mining
Ares Strategic Mining is a mining company developing fluorspar projects in the United States.
Shares of Ares Strategic Mining (CSE:ARS) last traded at C$0.36 and have added 33.33 per cent year-over-year.
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