PROJECT FINANCE

Gulf secures funding for manganese venture

GULF Manganese Corporation has signed a binding term sheet for a €52 million loan for its Kupang smelter in West Timor, Indonesia.

Staff reporter
 Construction at Kupang

Construction at Kupang

The structured loan facility is with Glacier International Depository, Legal and General Investment Management and HSBC Bank.

The company is now fully funded to complete the construction and commissioning of the first two smelting furnaces at Kupang.

Construction of the facility is currently 60% complete, with about US$13 million left to spend over the next 6-7 months.

Gulf managing director Hamish Bohannan said the company now had a clear line of sight on the pouring of first metal in the September quarter.

"With $13 million required to complete the construction and commissioning of our first two smelters, we now have ample capacity to fast-track high-impact mining and exploration programs targeting Indonesia's abundance of high-grade manganese ore deposits," he said.

Gulf shares had been halted since December 16, but resumed trading today and jumped 40% to A0.7c.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.