PERTH (miningweekly.com) – ASX-listed Gulf Manganese on Wednesday noted that its shares would remain suspended until the end of April this year, as the company works to complete the establishment of a financing facility for its ferromanganese processing hub at Kupang, in West Timor.
The company told shareholders that the completion of the finance facility had initially been frustrated by the developments around Brexit, and now by the spread of the Covid-19 pandemic.
Gulf has been working with Glacier International Depository, Legal and General Investment Management and HSBC Bank on a €52-million structured loan facility, which would leave the company fully funded to complete the construction and commissioning of the first two smelting furnaces.
The smelting hub will contain multiple furnaces built in stages over a five-year premium, and will, at full production, process over 525 000 t of manganese ore a year, producing over 200 000 t/y of premium quality ferromanganese alloy.