PERTH (Yosefardi) – PT Asia Mangan Group (AMG), subsidiary of Asia Minerals Corporation Limited (AMC), has finalized the purchase 100% of a manganese tenement in West Timor, Indonesia, for US$600,000.
“AMG is also in final negotiations to acquire two additional manganese tenements in West Timor,” Gulf Mines Ltd informed Australia Stock Exchange (ASX) Tuesday (June 18).
Gulf Mines Ltd is seeking approval from shareholders for the acquisition of the shareholding in AMC from Leprechaun Holdings Pty Ltd.
“AMG has completed initial supply negotiations for 30,000 tons, which will form the basis of the first three cargoes with the first cargo planned for July 2013,” Gulf Mines continued.