The company recently announced It has signed an LOI with EEPL proprietary, a Bolivian entity, to acquire a 51% controlling interest in the Ulexite Calcination plant in Oruro, Bolivia. Under the terms of the Agreement, AGS will have the exclusive right to conduct independent due-diligence for a period of 60 days. Upon obtainingsatisfactory results over the due-diligence period AGS will formalize a Purchase and Sale Agreement to acquire the plant and the unique intellectual property associated with the processing of the Ulexite.
Mining for Ulexite or ìTV Rockî as it is more popularly known is unique in the fact that the mineral acts as a natural conductor of light similar in form and function to that of optical fiber material. This relayed light
through internal fibers can produce exact optical images on the other side. Commercially Ulexite is a great source of Boron five that as an element only exists in concentration across the world of approximately 10ppm (10 parts per million).
Global demand for boron, an essential component in the manufacture of fibreglass and borosilicate glass, grew strongly in the three years to 2008. Products containing boron in the form of borates or boric acid pervade every part of everyday life from borosilicate glass in LCD screens to composites used in car body panels to glass wool for loft insulation.
"I am excited about the new direction AGS is taking especially into the beneficiation of the unique and invaluable mineral wealth of Bolivia. Ulexite and the processing thereof is opening so many more avenues of unique processing of the core minerals developed and mined by AGS and the long-term planning of the company is showing enormous potential being realized in a much shorter space of time," said the VP of Mining, LATAM Almero Bourbon.
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