PERTH (miningweekly.com) – ASX-listed OM Holdings, through its subsidiary OM Manganese, has increased its shareholding in its manganese joint venture (JV) with Bryah Resources, days after the latter announced plans to sell its interest.
As part of its farm-in and JV agreement with Bryah, OM Manganese has funded a further A$500 000 in project expenditure, taking its interest in the project to 30%.
The company has also committed to fund a further A$500 000 under a third tranche earn-in, to take its interest to 40%.
Bryah earlier this week announced a A$5-million transaction with ASX-listed Primero Group and natural resources specialist investor AMCI Group to divest of its manganese rights over the JV tenement package, allowing Bryah to maintain exposure to all other commodities within the licence.
Bryah said on Friday that even though OM Manganese was continuing to fund exploration activities, and Bryah’s interest in the project was being diluted as per the current JV agreement, it would not affect the offer price.
“Until such time as the intended sale of Bryah’s remaining JV interest is complete, we will continue managing exploration activities as planned,” said Bryah MD Neil Marston.