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.
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