REFINANCING OF ATF LOAN

The Board of Sunkar Resources plc (AIM:SKR) announces that it has agreed a refinancing of loans to its wholly owned subsidiary Temir Service LLP by ATF Bank Kazakhstan ("ATF").

Loan agreements were signed with ATF in November 2010 of which $5 million were drawn down. In November 2011, the Company defaulted on repayments due on these loans and subsequently has been negotiating a settlement with ATF.

Under the terms of the refinancing, Sunkar will pay $1.5 million on 11 May 2012 and $1 million by 1 July 2012 with remaining payments due in monthly installments until 31 December 2014. The new facility will be secured on Group physical assets.

Serik Utegen, CEO of Sunkar commented:

"This settlement with ATF provides a clear structure for the loans repayment and presents Sunkar with the ability to move forward with its medium term strategy of completing the feasibility study on the Chilisai Project whilst maximizing its cash generating capabilities through the sales of DAR."

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REFINANCING OF ATF LOAN

Sunkar in brief

  • Technical ability to produce DAP/MAP verified by successful independent Pilot Plant Tests 
  • Target capacity 0.8Mtpa of P2O5 (1.75 Mtpa of DAP)
  • Resource Base of 800Mt of ore at 10% P2O5 with one of the lowest extraction cost per unit of P2O5 in the World
  • Sulphur, the second most important component, is 500km away by rail – 2.5 Mtpa of landlocked sulphur produced per annum
  • Existing infrastructure and labour pool
  • Located at ‘back door’ to China ($20 per tonne away by rail from western China border) + promising captive markets locally: KZ & RU are both World top-10 grain producers

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19 May 2012, close
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