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ASX-listed junior Gulf Minerals on Thursday unveiled plans to develop an alloy smelter facility in Indonesia with the aim of being a major ferromanganese producer by 2018.
The company was proposing to build eight furnaces over a three-year period, starting in 2015, for a total capital investment of about $36-million, which would be partly funded through a $25-million initial public offering on the Singapore Stock Exchange in the second half of the year.
Each of the furnaces would have a capacity of 20 000 t/y alloy production, with the first two furnaces expected to be operational by January 2016, and a further four to follow a year later. The final two furnaces would be commissioned in January 2018.
Gulf Minerals stated that ore would be sourced through long-term supply contracts with local and overseas ore producers, adding that discussions were already under way to finalise contracts, with 75% of ore requirements coming from the local market and the remaining 25% from overseas suppliers.
In 2016, the project was expected to require 90 000 t of ore, increasing to 270 000 t during 2017 and finally to 360 000 t in 2018, when all eight furnaces went into production.
Electricity requirements for the smelting facility would be supplied by a third party on a user-pay basis.
Gulf Minerals told its shareholders that the directors and senior management of the company had several years of global manganese marketing experience, and had a significant marketing knowledge base and network to assist in selling the ferromanganese produced at the Indonesian plant.
Gulf also owns copper tenements in the Northern Territory of Australia with two joint ventures, one with Redbank Copper and the other with the Canadian uranium group Laramide Resources.
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- [Editor:Sophie]
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