Kupang JV secures supply deal of Manganese ore
Wednesday, July 24 2013 - 02:44 AM WIB
ASX-listed Kupang Resources Limited announced on Wednesday that the Kupang Joint Venture (JV) has secured an agreement for the supply of raw manganese ore for delivery to its plant near Kupang.
Kupang Resources controls 55 percent of Kupang JV.
The deal ensures the delivery of 15,000 tons per month of high grade raw Manganese ore to the recently commissioned plant located in the new industrial area adjacent to the new 30MW Kupang power station and 6km from the deep water port of Tenau, the main port of West Timor (Kupang).
The company said in the statement that the agreed price for the raw high grade Manganese ore is in line with expectations and the ore quality is consistent with producing a high grade Mn export product.
The agreement is supplemental to the heads of agreement between the Kupang JV and the Manganese Society of Kupang (Mn Society) for the supply 30,000 tonnes of ore per month.
The company?s Executive Director Tony Sage said ?This agreement is the first in a number of such agreements the Kupang JV anticipates securing in line with the Manganese Society of Kupang?s previous commitments and establishes a price consistent with company expectations.?
Editing by Adianto P. Simamora