Gulf Manganese sees loan delays and Indonesian operations paused
2020-07-21 11:41:14 [Print]
Australia's Gulf Manganese Corporation (GMC) provided an update on its operations during the COVID-19 pandemic.
The company has faced delays with the €52 million (around A$85 million) loan facility with Glacier International Depository. Due to this, the company has reviewed its agreement with Glacier and is looking at other options if the transaction fails.
Ongoing loan delays with the COVID-19 pandemic have resulted in the board reviewing the company's near and medium-term development plans. From this review, the company has decided to keep its operations in Indonesia on care and maintenance, whilst it discusses the future development of the Kupang Ferromanganese Smelting Hub Facility.
To provide near-term funding, the company has signed a share purchase plan agreement with RiverFort Global Opportunities. The full terms of this are currently being fine-tuned and will be reported soon.
The company has faced delays with the €52 million (around A$85 million) loan facility with Glacier International Depository. Due to this, the company has reviewed its agreement with Glacier and is looking at other options if the transaction fails.
Ongoing loan delays with the COVID-19 pandemic have resulted in the board reviewing the company's near and medium-term development plans. From this review, the company has decided to keep its operations in Indonesia on care and maintenance, whilst it discusses the future development of the Kupang Ferromanganese Smelting Hub Facility.
To provide near-term funding, the company has signed a share purchase plan agreement with RiverFort Global Opportunities. The full terms of this are currently being fine-tuned and will be reported soon.
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Unit:RMB/mtu
China manganese lump producers' output statistics by province by month
Unit: mt
