Printer Friendly

Crew Development Corp.: Leading Industry Partner Secured For South African Fluorspar Mine.

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 5, 1999--

Crew Dev. Corp.(TSE:CRU.) (VSE:CRU.) (FRANKFURT:KNC) The Company is pleased to announce that Metorex, its operating arm in southern Africa and 100 percent owner of the Vergenoeg fluorspar mine situated near Johannesburg, South Africa, has secured a leading industry partner to assist in facilitating the strategic development of the mine.

Minerales y Productos Derivados SA ("Minersa") of Spain, the largest producer of fluorspar in Europe, has acquired a 30 percent interest in Vergenoeg for cash. Metorex will retain the operatorship role, and a 70 percent equity interest.

Minersa contributes a depth of technical and marketing expertise in fluorspar, which will greatly assist in improving product quality, profitability and marketing.

At current mining rates, whereby approximately 100,000 tonnes per annum of acid-grade fluorspar and 10,000 tonnes per annum of metallurgical grade fluorspar are produced, the remaining life of the mine is in excess of 100 years. Offtake agreements with major European and North American consumers are already in place for the majority of current production.

Since the acquisition of the mine, effective May 1, 1999, Vergenoeg has, with the assistance of Minersa, largely completed a metallurgical investigation aimed at improving both the quality and recovery of fluorspar from the mine. It is anticipated that implementation of these findings will enhance profitability in the short term. Furthermore, it is believed that increased marketing efforts, with the assistance of Minersa, will allow significant long term growth in production levels and sales volumes, further enhancing profitability.

Fluorspar is the dominant source of fluorine which, with its ability to react with almost all other elements, is one of the most important elements in modern chemistry. It is used in the manufacture of Teflon plastics, steel and special aviation fuels, together with the fluorination of drinking water.

John M. Darch, President and C.E.O.

This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jul 5, 1999
Words:335
Previous Article:POWER WATCH DECLARED.
Next Article:Danka Begins Shipping DigiSource 9110 Network Imaging System.


Related Articles
Crew Development Corp.: Acquisition of Profitable Fluorspar Mine in South Africa.
Crew Development Corp. Announces Southern African Operations Report Improved Profitability for the Year Ended June 30, 1999.
Crew Development Corp., Mindex ASA and Botswana Diamondfields Inc. Announce Merger Plans To Establish An International Multi-Commodity Mining Group.
Crew Development: Restructuring of Southern African Interests Approved by Independent Shareholders.
Crew Development Announces African Operations Report 67% Increase In Profitability.
TUNISIA - External Operations & Int'l Conferences.
Crew Demonstrates Profitable Year with Exceptional Growth.
Trade missions used as launching pad: northern firms tap into potential demand for products, services overseas. (Exporting: Special Report).
Company Watch - South African Airways.
Bringing Sudbury mining knowledge to South African university.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters