Firering Strategic signs revenue generating logistics deal for Limeco
WEB Limeco has signed an agreement with an unnamed multinational commodity trading company relating to the provision of
WEB At 1123 BST shares in Firering Strategic Minerals were down 175 at 28p.
Firering Strategic Minerals PLC (LON:FRNG) on Monday said its investee Limeco operation will generate positive cashflow following the signing of a new services.
The AIM-traded firm said the agreement was with an unnamed multinational commodity trading company for the provision of crushing, screening and bagging services at its Limeco mine in Sierra Leone.
It said the three-year agreement should generate around £16mln of revenue for Limeco and should have a positive impact on the cashflow of both Limeco and Firering.
“The new agreement strengthens Limeco's position with its key Sierra Leonean customer and, combined with the ongoing civil works at the site, is expected to mark a significant turnaround for Limeco, generating positive cashflow and restoring Limeco to profitability,” said chief executive officer Justin Tooth.
“This is expected to have a positive impact on the cashflow of both Limeco and Firering and we look forward to 2025 with renewed confidence.”
At 1123 BST, shares in Firering Strategic Minerals were down 1.75% at 28p.
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