Bracken International Mining (FRA:1BM) Diversifies into Tungsten
(ACN) -
Queensland-based manganese developer Bracken International Mining
(FRA:1BM) will migrate onto the open market board of the Frankfurt Stock
Exchange next month. The move confirms the company's intention to be
exporting manganese ore from its West Timor assets by the 4th quarter of
2012.
BIM has six mine licenses in West Timor, Indonesia, with combined reserves of more than 300 million tonnes. The company has all mining approvals and full Government and community support.
In addition BIM has signed a 150 million stock placement with private Australian resource company, In Minerals. The deal will see BIM receive A$17 million in cash and mining equipment as well as take over In Minerals' tungsten ore mining rights in Queensland. The project has historical indications of an inferred resource in excess of 1 billion tones with a full geological survey to take place from June 2012.
Tungsten is an extremely hard and useful alloy, and has numerous applications including in incandescent light bulb filaments, X-ray tubes, and super alloys. Tungsten's hardness and high density give it military applications in penetrating projectiles.
BIM Executive Chairman Luke Bracken said BIM's migration to the open market was the next step towards production.
"I am very excited, we are making progress and moving upwards and onwards to become an efficient market supplier of high-grade manganese ore," Mr Bracken said.
"I am ecstatic at completing the deal with In Minerals ahead of schedule to diversify Bracken International Mining beyond Indonesia and beyond Manganese."
Background: BIM's 8,208.6 hectare West Timor manganese project is conveniently located just 35km from Kupang's main export loading port and is strategically located to take full advantage of China's growing demand for steel, of which manganese is an essential component.
Tests have confirmed the average manganese content is between 50% and 68%.
BIM also has a licence to build a refinement smelter, which will produce silicon and ferrous manganese end use products.
The West Timor mines have been producing ore in a limited capacity since early 2010, with trial exports of manganese shipped to customers in China. BIM anticipates production of 250MT per month.
Source:
ABN http://www.abnnewswire.net
BIM has six mine licenses in West Timor, Indonesia, with combined reserves of more than 300 million tonnes. The company has all mining approvals and full Government and community support.
In addition BIM has signed a 150 million stock placement with private Australian resource company, In Minerals. The deal will see BIM receive A$17 million in cash and mining equipment as well as take over In Minerals' tungsten ore mining rights in Queensland. The project has historical indications of an inferred resource in excess of 1 billion tones with a full geological survey to take place from June 2012.
Tungsten is an extremely hard and useful alloy, and has numerous applications including in incandescent light bulb filaments, X-ray tubes, and super alloys. Tungsten's hardness and high density give it military applications in penetrating projectiles.
BIM Executive Chairman Luke Bracken said BIM's migration to the open market was the next step towards production.
"I am very excited, we are making progress and moving upwards and onwards to become an efficient market supplier of high-grade manganese ore," Mr Bracken said.
"I am ecstatic at completing the deal with In Minerals ahead of schedule to diversify Bracken International Mining beyond Indonesia and beyond Manganese."
Background: BIM's 8,208.6 hectare West Timor manganese project is conveniently located just 35km from Kupang's main export loading port and is strategically located to take full advantage of China's growing demand for steel, of which manganese is an essential component.
Tests have confirmed the average manganese content is between 50% and 68%.
BIM also has a licence to build a refinement smelter, which will produce silicon and ferrous manganese end use products.
The West Timor mines have been producing ore in a limited capacity since early 2010, with trial exports of manganese shipped to customers in China. BIM anticipates production of 250MT per month.
Source:
ABN http://www.abnnewswire.net