Brighton Mining eying high grade manganese project in RI

By Romel S. Gurky

ASX-listed Brighton Mining Group Limited announced Wednesday that it will make bids for Asia Minerals Corporation Limited.

Asia Minerals Corporation Limited (AMC) is developing a high-grade manganese operation in the West Timor region of Indonesia which has now moved into production. AMC has recently met the Indonesian Government?s evaluation requirements for downstream processing, making it the only integrated manganese operator in Indonesia

The current operations of AMC include a 1,300 hectare mining tenement in West Timor and a processing plant with a capacity to produce up to 240,000 metric tons per annum of manganese lump ore for domestic and export markets. Additionally AMC has recently secured port land for shipping stockpiles and industrial land for a future downstream processing plant.

Backed by a highly experienced senior management team, AMC will provide short-term positive cash flow and continued growth in one of the most exciting mineral commodities in Indonesia.

AMC has 83 shareholders, none of whom has a controlling interest nor would any of the shareholders be regarded as associated or related parties of Brighton.

Under the takeover plan, the company will bid 23 of its shares for each share in AMC and 1 share for every 10 options issued by AMC valuing the total bid at $28.85million.

There are no cash payments with regard to the bid as the consideration for the takeover will be satisfied solely by the issue of shares by the Brighton.

Editing by Reiner Simanjuntak