Indian firms in Indonesian manganese mine venture

Indian manganese alloys manufacturer and power plant firm Indsil Electrosmelts Limited said on Monday it had signed a 50:50 JV agreement with another Indian firm Good Earth group to jointly operate an already acquired manganese ore mine in Indonesia.

The mine is spread across an extent of 5000 hectares and has rich resources of high grade manganese ore, the company said.

The company did not give the exact location of the mine.

The company estimated that the manganese ore resources in this mine at around 3 million tons of medium and high grade variety.

?Detailed geological surveys are being conducted for the purpose of accurate assessment. Estimated production from this mine is around 300,000 tonnes per annum,? it said in a statement.

The ?Indsil? group is engaged in the manufacture of manganese alloys with captive power generation plants. Its operations are spread across the State of Kerala and the State of Chattisgarh.

The ?Good Earth? group is engaged in the manufacture of manganese based chemicals and also has significant business interests in mining resources, both in India and in Indonesia.

The Joint venture company is forming a 100% subsidiary in Indonesia to operate the acquired manganese ore mine. Manganese ore would primarily be sold to the group companies for captive usage and surplus material would be marketed across the globe, it said. (denny)