PERTH (miningweekly.com) – The share price of ASX-listed Gulf Manganese soared by 20% on Wednesday on news that the Indonesian Ministry of Energy and Mineral Resources had approved the company’s plans to export direct shipping ore (DSO) from its manganese operations in the region.
The approval covered 103 162 t/y of DSO.
Gulf MD Hamish Bohannan said on Wednesday that a final ratification from the Ministry of Trade was now required, with the documentation having already been lodged. This approval process is expected to take less than a week.
Gulf, through its subsidiary PT Gulf Mangan Grup, is constructing the first ferromanganese smelting hub in Timor. The Kupang smelting hub will contain at least eight furnaces built in stages over a five-year period. At full production, the first two furnaces will produce some 320 000 t/y of manganese ore to deliver some 155 000 t/y of premium-quality ferromanganese alloy.