WMN relinquishes Sulawesi manganese tenement
Friday, July 31 2015 - 02:52 AM WIB
ASX-listed Western Mining Network Ldt (WMN) said it has signed the resolutions to relinquish its manganese tenement of PT Genesis Berkah Utama in Tolitoli Regency, Central Sulawesi, as it aims to focus on graphite assets in neighboring Southeast Sulawesi.
?The board confirms that the company will be focusing on its graphite and graphite beneficiation plant; therefore the company will move to disengage from its non-graphite assets,? WMN said in a statement on Friday.
The company said it has been granted the relinquished permit from the Regency of Tolitoli regency administration at the end of June 2015.
WMN holds a 51 percent interest in PT Genesis Berkat Utama, which is the sole owner of the Genesis project in Tolitoli, acquired in 2013 as part of strategic alliance with Borneo Brother Ltd.
WMN last year acquired 75 percent of PT Mekongga Sejahtera and a 40 percent interest in PT Eagle Rich Nusantara, giving the company access to the 98.04Ha Mekongga?s graphite tenement in Tamboli, Kolaka, Southeast Sulawesi as well the potential graphite beneficiation and industrial estate establishments.
Editing by Reiner Simanjuntak