Gulf: Two ferromanganese smelting furnaces to be completed in Q1 2018
Friday, June 30 2017 - 02:15 AM WIB
ASX-listed Gulf Manganese Corporation Limited said that construction and commissioning of the first two smelting furnaces at its ferromanganese smelting project in Kupang, East Nusa Tenggara Province, are on track to be completed in the first quarter of 2018.
Gulf said in a statement on Thursday that following the completion on June 23 of fund raising for the project, the company?s near term focus is to complete the refurbishment and shipment of the first two smelting furnaces to the Kupang project site in the third quarter of this year.
?Stripping and refurbishing of the smelters in South Africa will start imminently and will take about 12 weeks before shipment to Kupang. As a result, construction and commissioning of the first two smelters is on track to be completed in Q1 2018, with the company expecting early cash flows to be generated from initial ferromanganese alloy sales in mid-2018,? the company said in the statement unveiling the latest updates on the project, where civil works and land clearing at the project site in the Bolok Industrial Estate, Kupang, are underway.
Gulf is focused on developing a world-class ferromanganese smelting business to produce and sell medium and low carbon ferromanganese alloy. The company?s proposed Kupang Smelting Hub facility will contain eight furnaces built in stages over five years, targeting the production of a premium quality 78%+ manganese alloy.
Editing by Reiner Simanjuntak