Hope all have picked a couple for Happy Valley tonight.
My thoughts on this:
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Gulf Secures $12million of funding for construction at Kupang Smelting Hub.The raise was done at 1.5c with a 3 for 2 attaching option ex @ 5c just FYI After over 6 months off the boards- Last week Gulf finally locked down $12million in funding via Triple C Consulting in Perth to kickstart their ASEAN focused manganese alloy business based in Kupang, West Timor. Gulf remains solely focused on developing a world-class ferromanganese smelting business in West Timor, Indonesia to produce and sell medium and low carbon ferromanganese alloy. The Company’s proposed Kupang Smelting Hub facility will contain eight furnaces built in stages over five years, targeting the production of a premium quality 78%+ manganese alloy. While 2017 GMC has been in suspension while it secured financing, the Successful and full subscribed Capital Raising provides Gulf with the necessary funding to finalise the purchase of the Company’s first two furnaces from Transalloys in South Africa, as well as completing the refurbishment and shipment of the furnaces to the Kupang site. The site works program has commenced at Kupang, including land clearing, site fencing, preparation of foundations, and construction of factory buildings. Stripping and refurbishing of the smelters in South Africa will start imminently and will take about 12 weeks before shipment to Kupang. Gulf also advised that the development timeline for the Kupang Smelting Hub Facility remains on track, with the Company targeting the completion of commissioning and start-up of ferromanganese alloy production in Q1 2018. INVESTMENT HIGHLIGHTS:
First mover advantage with Gulf to build the first Ferromanganese smelting complex in Timor.
Acquisition of the two ferromanganese furnaces.
West Timor has superior raw material with some of the highest grade manganese ore in the world.
4 km from Kupang’s world class Tenau port that has both bulk and container loading facilities.
Low cost producer with projected margins of USD20 million per annum at full production.
Kupang site approvals received from the Governor of East Nusa Tenggara.
Offtake agreement signed with Renova Group for sale of up to 60% of manganese alloy produced from the Kupang Smelting Hub Facility for the first three years of production.
Near term cash flow and production with smelters already sourced from South Africa.
Significant ramp-up with production starting at 22,000tpa increasing to 155,000 tpa FeMn Alloy
The suspension of trading in the securities of Gulf Manganese will be lifted at the commencement of trading tomorrow Thursday 29 June 2017. With Funding for the project secured and all relevant approvals signed- Gulf should be in for a strong 2nd half of 2017 with plenty of regular news flow as they aim to become first Ferromanganese smelting complex in Timor and generating revenue from Q1 2018.
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This is a picture of the Kupang Smelting Hub site over in Indonesia, dare say a few greenies wouldn't like to see all that lush greenery disappear.
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tIt would appear as though all that's left is - Commencement of Trading- Completion of works- Last couple of dumb comments from Joemas. Thanks, STJ
GMC Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
This is a picture of the Kupang Smelting Hub site over in Indonesia, dare say a few greenies wouldn't like to see all that lush greenery disappear.
