logo-loader
Mining
OM Holdings Ltd

OM Holdings sells 5% stake in smelter project for US$18.45 million

au_south_east_asia__350_55123f2858fdf.jpg

OM Holdings (ASX:OMH) has sold a 5% interest in Sarawak smelter project in Malaysia to joint venture partner Samalaju Industries Sdn Bhd for US$18.45 million.

Proceeds from the sale will be used for development of Phase II of the smelter project.

Following transfer of the interest, OM will retain a 75% stake in the project while Samalaju will hold 25%.

Phase one of the smelter project to produce ferrosilicon and ferro-manganese intermediate products commenced production in September 2014.

This will ramp up to full production by the end of 2015.

When completed the ferrosilicon production facility’s capacity of 308,000 tonnes per annum will make it one of the largest ferrosilicon smelters globally.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: OM Holdings Ltd

Price: $0.65

Market: ASX
Market Cap: $480.11 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

'May only be a matter of time' before Uranium price recovery with...

Mining Capital's Alastair Ford discusses the planned slow down in production from Kazatomprom (LON:KAP). The miner's looking to cut output from its Kazakh mines by around 20% through to 2021. He says that extends the timeframe of its previous production curtailment by a further year, and...

1 day, 21 hours ago

2 min read