Singapore-based Prosperity Steel United Singapore has acquired an 8.37% interest in Spitfire Resoures.
Prosperity Steel was established in Singapore in June 2003 and is a trading company which focuses on the import-export trade of ores, steels, pig iron, ferro-alloys, scrap steels and equipment for steel mills. It has strong connections with major ore trading groups and steel mills in mainland China.
Prosperity Steel lodged a substantial shareholder notice on April 27 disclosing an 8.37% interest which it acquired through on-market purchases and by participating in Spitfire’s recently completed $1.82 million share placement to strategic and sophisticated investors.
From discussions with Prosperity Steel, Spitfire understands that its investment is based on its positive view of the exploration potential of Spitfire’s South Woodie Woodie Manganese Project in Western Australia’s East Pilbara region and the strong outlook for the global manganese ore and ferro-alloys market.
Spitfire’s executive chairman James Hamilton says the company is pleased to welcome Prosperity Steel as a major shareholder, with recent investor interest in the company reflecting the high level of activity in the manganese sector and the active drilling programs under way at South Woodie Woodie.
Spitfire recently began drilling at South Woodie Woodie to provide the first definitive test of multiple targets for high-grade manganese which have been developed and geologically assessed over the past field season.
The targets are located throughout the licence, which also hosts Spitfire’s recently discovered Tally-Ho manganese deposit.
www.spitfireresources.com

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