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Exploration|Mining|supply-chain
Exploration|Mining|supply-chain
exploration|mining|supply chain

Gulf makes a move into Timor-Leste

2nd August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Gulf Manganese will acquire a 20% interest in privately-held Iron Fortune, an exploration company focused on Timor-Leste.

Under the terms of the agreement, Gulf would pay an initial A$100 000 for exclusivity, while conducting a due diligence. On the completion of the due diligence, Gulf would pay a further A$200 000 and issue A$100 000 worth of shares to secure its 20% interest in Iron Fortune.

Gulf MD Hamish Bohannan will be appointed to the Iron Fortune board as a nonexecutive director.

He said on Friday that Gulf’s investment in Iron Fortune underpinned a vertically integrated mine-gate to production acquisition strategy and provided an excellent opportunity for Gulf to diversify its asset base beyond Indonesia, while remaining in a common geological region.

“Importantly, this partnership can significantly de-risk our ore supply chain and gives the company an enviable first-mover advantage in this emerging exploration jurisdiction. Further, with Iron Future’s established and respected presence in Timor-Leste, Gulf has the potential to quickly expand its high-quality manganese mining footprint and processing capabilities to support the ongoing development of our Kupang smelting hub facility.”

Edited by Creamer Media Reporter

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