BIM to start manganese production in July
Monday, January 30 2012 - 06:59 AM WIB
Bracken International Mining (BIM) said it was poised to become a major player in the international manganese market when its manganese production in Kupang, East Nusa Tenggara province, starts in July this year.
"Bracken International Mining aims to be a world leader in quality manganese mining and supply. The company is committed to building a well managed and productive manganese supplier which will benefit customers, investors and the West Timor community," Bracken International Mining Chairman Luke Bracken said on Monday.
The company announced on Monday that it had managed to raise a total fund of 500 million euro from its successful listing on the Deutsche B?rse's Frankfurt Stock Exchange in October 2011.
It stated that it would use the fund to develop its 100 percent owned manganese mining project, one of the biggest manganese projects in the world, in the mineral rich West Timor area. The project will see BIM moving from a Euro 500 million market capitalisation to over Euro 1 billion.
Production is scheduled to commence in July 2012 from six mines, with combined reserves of more than 300 million tonnes. The mines have operating licences and are ready to produce for export to world markets.
The 8,208.6 hectare project is conveniently located just 35 km from Kupang's main export loading port and is strategically located to take full advantage of China's growing demand for alloy steel, of which manganese is an essential component.
BIM also has a licence to build a refinement smelter which will produce silicon and ferrous manganese end-use products. The company is focused on becoming the most efficient market supplier of high grade manganese ore.
The West Timor mines have been producing ore in a limited amount since early 2010, with trial exports of manganese shipped to customers in China.
Off-take contracts have been discussed with Chinese customers including Sino Steel and Shanghi Industrial, and will be formalised in March 2012.
Editing by Benget Besalicto Tnb.