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American Pacific Borates completes name change as Fort Cady project advances

Proactive Investors Friday, 18 October 2019
American Pacific Borates Ltd (ASX:ABR) has changed its name from American Pacific Borate & Lithium following approval by shareholders at the Annual General Meeting on October 16. The company’s ASX code, registered office and contact details will remain unchanged. Shares have been up almost 8% to an intra-day high of 29.5 cents after reaching a new 12-month high of 40 cents in early September. Fort Cady progress ABR’s flagship Fort Cady Borate Project in southern California has recently achieved several milestones including the completion of basic engineering, electricity connected to site, receipt of air quality permits and the beginning of gas connection to site. Basic engineering has delivered definitive layouts to enable the company to move into the final phase of engineering. Managing director and CEO Michael Schlumpberger said: “We are focused on the ongoing completion of milestones that will enable us to commence construction of our flagship Fort Cady Borate Mine in the current calendar year.” The project has been rated as the best development project globally in its rated peer group. Earlier this year, a definitive feasibility study (DFS) valued the three-phase Fort Cady project at US$1.08 billion.
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