Company News

Sunkar Resources plc (AIM:SKR) is pleased to announce that it has appointed Ambrian Partners Limited as Nominated Adviser and Broker with immediate effect.

Sunkar Resources plc (AIM:SKR) is pleased to announce that the Government of the Republic of Kazakhstan has ratified the changes to the Company's Subsoil Use Contract ("SUC") and work programme commitments to develop the Chilisai phosphate deposit which were previously announced on 17^th June 2010. 
 

The major changes are (a) a reduction in the Company's obligations on ore extraction, and (b) a revision to the commitment to meet associated cumulative development expenditure of $115 million by 2014.  This latter commitment has now been extended to 2020.

Sunkar Resources plc (AIM:SKR) is pleased to announce the preliminary results of the Feasibility Study for the Chilisai Phosphate Project (the "Project").
The Company's aim is to build a large scale integrated fertilizer manufacturing complex in Kazakhstan, consisting of a mine based on the wholly owned Chilisai phosphate resource in the Aktobe region of Kazakhstan, and a chemical complex to convert the phosphate minerals into international grade fertilizers - DAP (di-ammonium phosphate) and MAP (mono-ammonium phosphate). The Feasibility Study is being performed by the international engineering company SNC Lavalin ("SNCL") and is expected to be completed in H1 2011. On 3 February 2011, SNCL delivered a Preliminary Information Memorandum ("PIM"), which presents the preliminary results of the Feasibility Study with an accuracy level on cost estimates at +/- 30%. 

Sunkar Resources plc (AIM:SKR) is pleased to announce that the first of two lines of its Milling and Loading Complex (“MLC”) at the Chilisai site was officially commissioned on 21 December 2010. The plant has received all official approvals and passed authorities’ inspections, and the Deed of Commissioning, the approval required to run an industrial installation in Kazakhstan, has been duly executed. Once completed, the MLC has a production capacity of 200,000 tonnes of Direct Application Rock (“DAR”) per annum.

Sunkar Resources plc (AIM:SKR) is pleased to announce that ATF Bank Kazakhstan ("ATF"), a member of the UniCredit Group, has approved a credit line (the "Loan") for the Chilisai Phosphate Project in Kazakhstan. The Loan envisages ATF providing up to $15 million in debt financing for a term of up to 3 years, subject to finalisation of necessary documentation that includes providing security over Group assets.