Segue mulls Emang sale
PERTH (miningweekly.com) – ASX-listed junior Segue Resources is considering selling off its interest in the Emang manganese project, in South Africa, as the company struggles to find an investment partner.
During 2012, Segue launched discussions with various parties regarding funding for the Emang project. The discussions considered various funding alternatives, including a share placement, a convertible note issue, project participation and prepaid offtake funding.
However, Segue noted that all of the alternatives presented required the company to raise additional funds either from its existing shareholders or through new equity investors.
With the continued deterioration in the market, as well as Segue’s share price, the company’s board took the decision to expand the range of potential investors to include global manganese mining companies, as well as South African companies.
The company said on Monday that following several site visits to Emang, the company was now at a stage where a potential transaction could be forthcoming.
“While there is no certainty that a transaction will eventuate, the board of Segue believes that a potential outright sale of the company’s interest in the Emang project may be in the best interest of shareholders and a range of funding and sale alternatives are being assessed,” the company said.
To date Segue has spent some A$3.3-million on the Emang manganese project, where a maiden manganese resource of 13.9-million tons, grading 24.6% manganese has been declared.
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