Manganese miner plans IPO
Tuesday, September 20 2011 - 02:07 AM WIB
Manganese ore miner PT SMR Utama Tbk is seeking to float 33 percent of its shares at the Indonesian Stock Exchange next month to reap more than US$35 million in the process.
According to the company?s prospectus, funds raised will be utilized to expand production capacity and to pay off debts.
The company through its subsidiary PT Soe Makmur Resources owns a managenese concession in Timor Tengah Selatan regency in East Nusa Tanggara province, covering a total area of 4,500 hectares.
The company has started manganese production in 2010 with output of 135,000 tonnes and plan to increase production capacity to 325,000 tonnes per annum next year.
The company?s manganese production has 47 percent grade.
The company?s measured and indicated reserves of high grade ore are around 4.5 million tonnes. (alex)