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Gulf Manganese secures loan facility to complete construction of Kupang smelting hub
2020-01-09 15:34:15 【Print】
On January 8, Australian-based Gulf Manganese Corporation announced that it is back on track to complete the construction of the Kupang smelting hub in Indonesia's West Timor after clinching a €52 million (A$84.5 million) loan facility.
The company has inked a binding term sheet with Glacier International Depository, Legal and General Investment Management and HSBC Bank. Proceeds are expected to be received by the end of January.
The company has been constructing a ferromanganese processing hub at Kupang in West Timor but has struggled to secure finance to take the project to completion.
Gulf Manganese previously said construction was more than 60% complete with commissioning and first commercial alloy sales anticipated during the first quarter of 2020. However, the company still needed about US$13 million (A$18.9 million) to complete the first two smelting furnaces.
The new loan facility will now enable Gulf Manganese to fully fund the construction and commissioning of the first two smelters at the hub, with completion and the pouring of first metal expected in the third quarter of 2020.
Gulf Manganese said the loan also provides it with the ability to ramp-up its high-grade manganese mining and exploration activities in Indonesia, taking advantage of its license to export manganese direct shipping ore. In addition, it will allow the company to advance its strategic joint venture with Iron Fortune in Timor-Leste.
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The company has inked a binding term sheet with Glacier International Depository, Legal and General Investment Management and HSBC Bank. Proceeds are expected to be received by the end of January.
The company has been constructing a ferromanganese processing hub at Kupang in West Timor but has struggled to secure finance to take the project to completion.
Gulf Manganese previously said construction was more than 60% complete with commissioning and first commercial alloy sales anticipated during the first quarter of 2020. However, the company still needed about US$13 million (A$18.9 million) to complete the first two smelting furnaces.
The new loan facility will now enable Gulf Manganese to fully fund the construction and commissioning of the first two smelters at the hub, with completion and the pouring of first metal expected in the third quarter of 2020.
Gulf Manganese said the loan also provides it with the ability to ramp-up its high-grade manganese mining and exploration activities in Indonesia, taking advantage of its license to export manganese direct shipping ore. In addition, it will allow the company to advance its strategic joint venture with Iron Fortune in Timor-Leste.
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