Brisbane, Australia (PressExposure) July 18, 2012 -- The sale was completed following the signing of a letter of intent in May. A second letter of intent was also signed with Shandong Coking Coal and a contract is expected to be signed soon.
The Sanit sale confirms Bracken International Mining will be in a cash positive position in the final quarter of this calendar year. The company will also be able to fast track the development of its employment training and health facilities in Kupang, West Timor.
Bracken International Mining is committed to maximising opportunities and benefits for the community at Kupang near the Big George Mine and has been engaging with local organisations and building partnerships where it's expertise can be beneficial. Bracken International Mining is committed to raising education levels, improving biodiversity, land management and the ecology of the local environment.
Production from the Big George mine is scheduled to begin in the third quarter 2012 following the arrival of a new ship loader to the Kupang Port. Staff and equipment have already been mobilised to the mine site and SGS will conduct independent quality control on the manganese ore at a new laboratory to be located near the Kupang Port.
International logistics specialist Qingdao Newsky Energy Investments Co Ltd will manage imports.
Development of the manganese smelter at Kupang is on track for construction to begin mid 2013 and Bracken International Mining is engaged in negotiations with construction companies for design and build.
Executive Chairman Luke Bracken commented: "Bracken International Mining is breaking into the Chinese market as China continues to grow into a world dominating force," Mr Bracken said.
"Sanit Trading is a major iron ore buyer and manganese is essential to iron and steel production.
"Most of the demand for manganese comes from steelmaking, and ironmaking, accounting for up to 90% of today's global demand."
Forward Looking Statements:
This press release contains forward-looking statements, which express the current beliefs and expectations of the management of Bracken International Mining PLC. Such statements are basedon current expectations and are subject to risks and uncertainties, many of which are beyond our control, and could cause future results, performance, and achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially depending on a number of factors, and we caution investors not to place undue reliance on the forward-looking statements contained in this press release. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Forward-looking statements speak only as of the date on which they are made and Bracken International Mining PLC undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.