First manganese cargo shipped from Timor by Gulf?s subsidiary
Wednesday, February 12 2014 - 12:09 AM WIB
ASX-listed Gulf Mines Limited announced on Monday that the first cargo of premium high grade manganese from the Indonesian part of Timor Island in East Nusatenggara province was shipped by Asia Minerals Corporation?s subsidiary PT Asia Mangan Grup on Feb. 7. Gulf has a major shareholding in Asia Minerals Corporation.
As part of Asia Mangan's export commitment the company will firstly provide for the Domestic Market Obligations supplying the Indonesian market.
The initial cargo consisted of 500 tons containerised manganese ore, being the locally preferred logistics method and size. Domestic shipments will increase to 7,000 tons per month following which exports will commence.
Asia Mangan anticipates the first bulk export cargo of 10,000 tons to South Korea will take place during April or May, now the confusion surrounding the export ban has been resolved and PT Asia Mangan Grup is the only licensed and authorized manganese exporter by the Indonesian Government.
At full manganese ore production, Asia Mangan will produce 100,000 tons per year for the domestic market and 150,000 tons per year for export. Asia Minerals Corporation recently announced it had commenced construction of its alloy smelter facility with production planned during the first quarter of 2015, building up to 128,000 tons per year of ferro manganese alloys.
Gulf CEO, Bruce Morrin, commented "It has been a long and tortuous journey for Asia Minerals and thankfully this is now behind the company as they make the move to becoming a producer and exporter of premium high grade manganese, averaging a grade of 52%, for the domestic and international markets. The company has made a wise investment into Asia Minerals".
Editing by Johannes Simbolon