Gulf Manganese Corporation’s substantial shareholder Leprechaun Holdings has increased its stake in the company to 33.88% from 27.25% through the conversion of convertible notes. Leprechaun converted the notes into 7.5 million shares at $0.03 each, taking its total holding to 27.6 million shares.

In late May, the company received a study highlighting the robust financial project economics of its planned manganese smelter in West Timor that could return EBITDA of US$623.8 million over 20 years.

Other project financial metrics are also impressive with an IRR of 45.6% and a two-year payback period for modest start-up capital investment of US$67.5 million over four years. It will have full Government support with fiscal incentives of a 10-year tax holiday.

The company also intends to list on the Singapore Stock Exchange.

Gulf Manganese formerly Gulf Minerals Corporation is looking to develop manganese projects in Indonesia and Turkey.

Resource Center Whitepapers, Videos, Case Studies

Conferences & Events

No events