Gulf appoints new chairman
Tuesday, February 9 2016 - 01:04 AM WIB
ASX-listed Gulf Manganese Corporation Limited announced that it has completed its search for a new chairman following the unexpected death of Graham Anderson in July 2015.
The company said in a statement last week that Craig Munro joined the Board effective immediately as non-executive Chairman, allowing Peter Williams to revert to his role as non-executive director.
Concurrently Hamish Bohannan has taken the role of Managing Director as planned and Michael Walters has resigned from the Board.
Craig Munro is a Certified Practicing Accountant with over 40 years? experience in the mining industry. He has been both an executive director and non-executive director of a number of listed companies since 1990. Munro will bring both strong financial skills to the Board as well as strong corporate governance.
Gulf Manganese is developing an ASEAN focused manganese alloy production facilities based in Kupang, West Timor, Indonesia, taking advantage of the low cost of ore, labor and power being the majority of operating costs. Production will be a premium quality 78 percent ferromanganese alloy resulting from the unique qualities of the lndonesian high-grade low impurities manganese ore.
It is proposed to build 8 furnaces over a 5 year period for a total capital cost of US$66 million. The first furnace aims to come online July 2016, with a further two furnaces each year, 2017, 2018, 2019 and a final one in 2020. Each furnace has a capacity of 20,000 tons alloy production per year and on today's alloy prices producing $22 million revenue.
Editing by Reiner Simanjuntak