AMC finalizing sale deal
Wednesday, July 24 2013 - 06:15 AM WIB
ASX-listed Gulf Mines Limited said on Wednesday that Asia Minerals Corporation Limited (AMC), through its operating subsidiary PT Asia Mangan Grup, is finalizing sale agreements for its first five cargoes of 101,000 tons each of high grade manganese ore with three destined for China, one to the Middle East and one to Korea.
AMC said that it has completed the acquisition of an additional mining tenement in West Timor which together with its existing supply agreements will underpin the initial annual target production of 160,000 tons of 52% high grade manganese ore.
In addition, AMC is currently completing the acquisition process of land for its planned beneficiation and smelter plants at a site located 7 km from the export port of Atapupu in the West Timor Regency of Belu Kabupaten.
?It is expected that all the necessary export and shipping approvals for each of the cargoes will shortly be received which in turn will enable the exports to begin as shipping space has already been arranged,? the company said in the statement.
Editing by Adianto P. Simamora