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|Movements In Australia To Consolidate Manganese Mines May Develop|
|= Consolidated Minerals Has Acquired 11.7% Interest In OM Holdings|
It is now marked to see whether the matter to consolidate manganese mines in Australia is able to develop or not. In order to aim at strategical cooperation and consolidation, OM Holdings Ltd. (OMH) has targeted to consolidate with Consolidated Minerals Ltd. (CML) in the future and this consolidation will be possible to expand a scale in production of manganese ore. Also, OMH has desired to become the second largest producer of special grade manganese ore in the world.|
While OM Holdings, capitalized in Singapore, has been operating Bootu Creek Manganese Mine in the Northern Territory of Australia (to produce 1,000,000 tons / year), according to an announcement made on the 19th of April by OMH, CML has recently acquired a 11.7% of the shares of OMH through Stratford Sun Ltd., which is a wholly owned subsidiary of OMH.
CML has possessed Woodie Woodie Manganese Mine, located in the Pilbara region of Western Australia, with capacity to produce 1,000,000 tons per annum of manganese ore. This Confidentiality Agreement with CML was announced on the 19th of April by OMH. In accordance with the Confidentiality Agreement, OMH will commence a staged due diligence investigation (DDI) on Woodie Woodie Manganese Mine.
In consequence of that Mr. Gennadiy Bogolyuboy, said as a man of wealth in Ukraine, had hard matches to take over CML through a subsidiary of Palmary and it took several months, he has finally acquired in January of 2008 a majority of the shares of CML for US$1,200 million. The competitor at that time was Pallinghurst operated by Mr. Brain Gilbertson, who was the former Chairman of BHP Billiton.
On the other hand, Pallinghurst has decided in December of 2009 to participate in the Kalahari Manganese Project, which is being proceeded by OMH. On condition of that Pallinghurst participates in this manganese project, OMH has agreed to transfer 140 million shares of OMH to five joint investors of Pallinghurst. Following this agreement, Mr. B. Gilbertson has assumed non-full-time Chairman of OMH's Board of Directors.
For a reference, CML has been operating manganese mine in the Woodie Woodie region of Western Australia and this mine produces high grade manganese ore, containing high Mn of 48% and low P and low Si.
|last modified : Mon 26 Apr, 2010 [11:14]|