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FOR
IMMEDIATE RELEASE
STRATEGIC
MINERALS FORESEES
REDUCED VANADIUM PRODUCTION AT HOT SPRINGS IN 2003
DANBURY, Connecticut,
April 24, 2003 — Strategic
Minerals Corporation is lowering its 2003 vanadium-production estimates
at its Hot Springs, Arkansas plant because of a three-week shutdown
caused by delayed receipt of feedstocks from Venezuelan sources. The
Danbury, Connecticut-based producer has been obtaining feedstocks from
other sources and plans to resume production at Hot Springs in May.
The shutdown has not affected
the production and sale of Stratcor® specialty-vanadium
products for the chemical and titanium industries, a company spokesperson
said. In addition, the feedstock shortage has not affected the production
of Nitrovan® vanadium, which is produced in South Africa.
Ferrovanadium sales during the first quarter of 2003 were supplied from
existing inventories and reduced production volume.
The feedstock shortage was
caused primarily by strikes at Venezuelan refineries and port facilities,
which sharply reduced the production and shipment of vanadium-bearing
residues beginning in December 2002. Strategic Minerals obtains vanadium-bearing
residues from Venezuelan refineries and from utilities that burn Venezuelan
oil to generate power.
April 24, 2003
For more information, contact
John Crane
telephone: (212)302-3344
email: John.Crane@stratcor.com
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