PERTH (miningweekly.com) – The share price of ASX-listed OM Holdings dropped by 21% on Friday after the company confirmed that it was conducting a detailed review of its Bootu Creek manganese project, in the Northern Territory.
Reports emerged this week that the company had halted production at the mine and had dismissed some 45 staff, with an unidentified worker telling the ABC that the company intended to place the mine on care and maintenance.
While not commenting on the reported halt in production, OM Holdings said on Friday that the review into the project would be conducted in light of the recent steep falls in manganese prices.
The miner added that no decision had been taken yet in relation to the future of the project.
The Bootu Creek project, which has been in production since 2006, has a production capacity of one-million tonnes a year.
OM Holdings shares closed at a low of 7.9c on Friday, down from an opening price of 9.5c each.