Bracken International Mining: $ 260 million purchase guarantee signed production in the Big George manganese mine
Hamburg (press relations) - Bracken International Mining signed $ 260 million decrease in warranty? Production in the Big George manganese mine
Things to do
? $ 260 million (30.000t per month) purchase guarantee with sanitary Trading;
? Positive cash balance in the last quarter of 2012;
? Development of staff training and health facilities in Kupang continue.
Bracken International Mining is pleased to announce that it has signed a contract with the trading of sanitary Qingdoa, China, has signed concerning the supply of manganese ore from its mine at Big George West Timor, Indonesia with a total value of $ 260 million.
Sanit will buy 30,000 tonnes of manganese per month, which is exported via the nearby port of Kupang. The first delivery will take place late November 2012.
The sale was completed following the letter of intent in May. Another MoU was signed with Shandong Coking Coal, and it is expected that the contract is signed promptly.
The contract is with sanitary confirmed that Bracken International Mining for the last quarter of this year have a positive cash balance. The company will also be able to accelerate the development of its staff training and health facilities in Kupang, West Timor.
Bracken International Mining is committed to maximizing the opportunities and benefits for the community to Kupang near the Big George Mine, is involved in local organizations and builds on partnerships, where Bracken? S expertise can be useful. Bracken International Mining has agreed to raise the skill levels and improve Biodiversifizierung, land management and the ecology of the local environment.
The production from the Big George mine to begin in the third quarter of 2012, after a new ship loader in the port of Kupang has arrived. The personnel and equipment were already relocated to the mine and SGS will conduct independent checks on the quality manganese ore in a new laboratory, which is located near the port of Kupang.
The international logistics specialist Qingdao Nevsky Energy Investments Co Ltd will manage the imports.
The development of the manganese smelter in Kupang is located in the schedule, the construction is scheduled to begin mid-2013. Bracken International Mining is in negotiations with contractors for the design and construction.
Executive Chairman Luke Bracken commented:
"Bracken's International Mining in the Chinese market because China will be a global force." Said Mr. Bracken. "Sanit Trading is one of the main manganese ore buyers and manganese is essential for the iron and steel production. The greatest demand for manganese comes from the iron and steel production, is currently working about 90% of global demand."
