GMC 0.00% 0.6¢ gulf manganese corporation limited

Ann: Gulf to undertake Due Diligence on Manganese Mine, page-3

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  1. 40 Posts.
    ASX Announcement
    21 December 2017
    Gulf to undertake due diligence on high-grade Timorese
    manganese mine
    Highlights:
    • Intention to underpin high-quality ore supply for the Kupang Smelting Hub
    • Gulf to perform due diligence on the mine leading to potential acquisition
    • The mining concession covers 1007 hectares in North Central Timor, East Nusa
    Tenggara Province
    Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”) is pleased to advise that
    it has commenced due diligence on a previously operating manganese mine in Timor East Nusa
    Tenggara.
    The mine has a Production Operation Mining Business License issued in respect to the mining
    concession which comprises 1007 hectares in North Central Timor, East Nusa Tenggara Province. The
    concession is certified Clean & Clear, confirming that ownership and other legalities have been verified
    by the Government and that the production of manganese ore is approved.
    As with almost all manganese mines in Indonesia, the mine has been dormant since the introduction
    of the bans on the export of un-processed ore from Indonesia since 2013. Prior production from the
    mine was reportedly with high grade manganese ore. However, again as with almost all manganese
    mines in Indonesia there is currently no JORC compliant resource statement.
    Gulf will exclusively conduct due diligence on the concession up to 30 April 2018.
    Should the due diligence confirm the value of the acquisition to Gulf, it would be the intention of the
    Company to purchase the mine. The potential acquisition would support the secure supply of high-
    grade manganese ore for the Kupang Smelting Hub.
 
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