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Cancana Resources (CVE:CNY), a Canada-based exploration-stage company, and its joint venture partner Ferrometals, together Brazil Manganese Corp., made a 7,500-tonne sale of manganese mineral product this month. Shares surged in morning trade.
"This sale represents an endorsement of our promise to existing customers that we can assure a consistent supply of high-quality, high-purity manganese mineral product,” Cancana's president and chief executive officer Anthony Julien said in a statement on Thursday.
“Following sample shipments last month, this order is a significant step forward with what is now BMC's largest customer,” Julien said.
“In 2016, BMC intends to continue to establish itself as a secure, reliable source of product for domestic manganese consumers."
Shipments to the customer are to begin immediately, according to the statement.
Vancouver, British Columbia-based Cancana is focused on the manganese production in Brazil.
In the third quarter, BMC posted record production. The company produced 6,976 tonnes of manganese product, bringing current stockpiles to 13,563 tonnes (net of sales) as at end of September.
Shares were up 26.5% at C$0.215 at 2:45 p.m. in Toronto.
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