Manhattan gets a makeover

LOW-KEY uranium player Manhattan Corporation has announced a A$36.4 million scrip takeover of a New Zealand company.

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Manhattan will acquire unlisted Trans-Tasman Resources (TTR) via the issue of 706 million shares and 706 million performance shares.

TTR owns the South Taranaki Bight iron sands project in NZ, which has an inferred resource of over 1 billion tonnes at 11.28% iron oxide, using a 3.5% Davis tube recovery cut-off.

While the project has received government approval, it is subject to several appeals from local groups.

The company has additional resources of more than 2Bt at 9.66% iron oxide outside the mining area, and owns the Westland Sands project off the coast of South Island, which is considered prospective for marine seafloor deposits of heavy iron-rich mineral sands.

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