Gulf secures funds for E. Nusatenggara manganese smelter
Saturday, June 24 2017 - 12:44 AM WIB
ASX-listed firm Gulf Manganese Corp. ltd. reported on Friday that investors have subscribed to invest A$12 million including $7 million via placement and $1 million in convertible notes. Additional $4million will be raised through placement to sophisticated investors.
The company said the capital raising will fund the purchase of the fisrt two furnaces from Transalloys in South Africa as well as completing refurbishment and shipment of the furnaces to the Kupang site, in East Nusa Tenggara.
The site work has commenced in Kupang including land clearing, site fencing preparation of foundation and construction of factory building. Stripping and refurbishment of the smelters in South Africa wil take about 12 weeks before shipment to Kupang, the company reported.
Gulf said that the development of Kupang smelting hub remained on track with the company targeting completion of commissioning and start-up of feero manganese alloy production in the fisrt quarter of 2018.