31 DECEMBER 2007 QUARTERLY MARKET UPDATE The Board of OM Holdings Limited (“OMH”) is pleased to provide the following market update. HIGHLIGHTS BOOTU CREEK MANGANESE MINE • Quarterly production of 123,392 tonnes grading 41.34% Mn achieved. • Plant rectifications to address materials handling issues completed ahead of the wet season. Opportunity to further increase sustainable production output to 700,000 tonnes per annum on target. • January 2008 monthly production set a new production record of 59,404 tonnes grading 41.36% Mn. • Mineral Resource and Ore Reserve Statement updates underway with uplifts expected. • Encouraging standalone copper mineralisation identified from exploration drilling at the Chugga North prospect with results including 11m at 1.69% Cu, 5m at 2.63% Cu and 12m at 1.14% Cu. Follow up drilling planned for 2008. • Project now debt free following final repayment from surplus operating cash flows generated from OMM. • US$2.66 million final instalment paid to GEMCO in relation to acquiring its previous joint venture interest. QINZHOU SMELTER • Sustained production of 8,898 tonnes of High Carbon Ferro Manganese (“HC FeMn”) achieved for the December 2007 quarter underpinned by strong China market demand and prices. Annual record production of 38,101 tonnes of HC FeMn exceeded forecast. Outlook for 2008 continues to remain strong. MARKET OUTLOOK • The market for manganese ore and alloys remains robust driven by an ongoing shortage of high grade manganese in the world wide market due to a number of supply issues being experienced by key ore suppliers with continued strong underlying demand driving further price increases. Record price levels committed for the first quarter of 2008. CORPORATE • Record strong unaudited profit results achieved from the Bootu Creek Manganese Mine and the trading and ferro alloy business units for the 31 December 2007 quarter. Continued stronger results expected into 2008 from all business units. • Proposed secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited is presently being actively pursued.
OMH Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)