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Northern Manganese receives ASX speeding ticket over 118% share price jump


Northern Manganese (ASX: NTM) has attracted investor interest recently with shares spiking 118% to an intra-day high of A$0.059 yesterday, which has prompted a price and volume query from the ASX.

Shares increased from $0.027 on Wednesday, 2 May.

The ASX also noted an increase in the volume of securities traded over the same period, with 3.6 million shares changing hands from the close of trade on 2 May to the close of trade yesterday.

The company responded to the ASX saying it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

Northern Manganese is in the process of reviewing the potential impact to the company of the Northern Territory’s recently announced moratorium on sea bed mining in coastal waters.

In early March the State Government announced it had put in place a three year moratorium to allow for a comprehensive assessment of the potential impacts of sea bed mining by the Environment Protection Authority.

The decision by the Government means that exploration applications and applications for mining of bulk materials in coastal waters will not be granted until 2015.

Late last year, Northern Manganese received approval for its Groote Eylandt project, offshore Northern Territory, from the Department of Sustainability, Environment, Water, Population and Communities.

An authorisation of the mine management plan from the Northern Territory Department of Resources was the last regulatory action required before an acoustic survey could be conducted.

It is unclear as to whether the moratorium includes non-invasive exploration programs such as the acoustic survey, for which Northern Manganese has received Federal Government approval.

The company, which also owns 100% of the Blue Mud Bay project offshore Northern Territory, will be seeking clarification as to whether or not the moratorium applies to granted exploration titles.

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Quick facts: NTM Gold Ltd

Price: 0.09 AUD

Market: ASX
Market Cap: $61.55 m

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