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[Ferro-Alloys.com]MANGANESE producer Shaw River Limited, owner of the Otjozondu manganese project has entered voluntary administration, as a consequence of low manganese ore prices.
The project is located 150km north-east of Windhoek.
The price of manganese ore fell by over 50% in 2015, levels not seen since 2003.
"The company has had a credit line with its major shareholder that has not been exhausted. However, beyond an initial loan amount, all additional drawdowns were at the discretion of the lender," Peter Cunningham, managing director of Shaw River announced this week on the Australian Stock Exchange.
Efforts by The Namibian to reach Cunningham in Australia failed yesterday as he did not answer his phone.
He said through much of 2015 the lender continued to advance loan funds beyond the initial amount and to give assurances of continuing support.
"Late in the year, the lender informed the directors that its capacity to advance further funds was limited," said Cunningham.
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