SYDNEY (Yosefardi) – Gulf Mines Limited projects its manganese ore production in Indonesia to reach 250,000 tons per annum.
During the period the shareholders ratified the board’s decision to acquire a major holding the Indonesian manganese project developer Asia Minerals Corporation Limited, The Asia Minerals business model consists of three strategies;
1) Trading purchasing from artisanal miners
2) Exploration implementing Australian techniques
3) Processing constructing alloy smelter facilities
Asia Minerals is well placed to benefit from the extremely high grade Indonesian manganese ore with values up to 56% manganese far exceeding other major producers. The company conducted a “ground breaking” ceremony to mark the commencement of building an alloying facility and as such currently is the only Indonesian Government authorised manganese exporter
Production is underway with the first two cargoes for the Domestic Market Obligation completed. The company is on track for its maiden export to Korea in the second quarter of 2014.
As announced during October, Gulf has acquired the exclusive marketing rights for PT Asia Mangan Grup (being Asia Minerals local operating company).