What you state is partially correct. Yes GMC has a IUP OPK permit.
"The Licence (“Mining Operation Permit for Special Production Operations of Mineral Processing and Purification” or “IUP-OPK”"
As I mentioned previously its doubtful whether the NTT Governor will cancel GMCs IUP OPK permit. Although the new Governor has now stated that he does infact have the power to close the manganese smelter if he finds that GMC is doing anything wrong.
"He said that although there is now a manganese processing plant in Bolok Industrial Area (KI) in Kupang Regency, he urged the factory to be stopped first."
"Regarding the manganese plant that has been built in MNH he said he would review again, if it damaged the sea area it would be proposed to be stopped."
If you read the PDF you'll note that on page 44 and 45 it states clearly that the governor of the province has full control except in the case of the Exploration IUPK and IUPK-OP.
The problem that GMC faces is that it requires not just manganese ore but coke and limestone FeSi etc. If the basic raw materials can no longer be mined in NTT then this will mean that the raw materials will need to come from elsewhere, ideally other parts of Indonesia. This will add greatly to the cost of production and frankly with the expensive cost of power in Kupang then there is no reason to be in Indonesia at all.
The option of DSO is completely off the table.
Whatever way you look at it there is no way that GMC can survive in this environment.
GMC Price at posting:
1.5¢ Sentiment: None Disclosure: Not Held
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