SYDNEY (Yosefardi) – ASX-listed Gulf Minerals has closed fully its subscribed rights issue, raising $1.34 million, used to fund its manganese smelter at Kupang, West Timor, Indonesia.
Gulf’s smelter project at Kupang will find a ready market in the established steel making regions for its premium quality 78% ferromanganese alloy products.
This project is actually a significant beneficiary of Indonesia’s restrictions on the export of unprocessed ores combined with national support for the development of competitive onshore processing facilities.
Gulf has secured of 30 hectares of industrial land and power supply in Kupang.