Montezuma Mining Company Ltd (ASX:MZM) has been granted a trading halt by the ASX pending the release of the Butcherbird Manganese Project scoping study.
The trading halt will remain in place until the scoping study results are released or the commencement of trading on Friday, whichever occurs first.
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Montezuma’s priority focus is on the project development activities at its 100% owned Butcherbird Manganese Project in Western Australia.
Australia’s largest onshore manganese resource
The Butcherbird Manganese Project hosts Australia’s largest onshore manganese resource.
The project comprises of large tonnages of near-surface manganese oxide ore across eight deposits.
The global resource at Butcherbird stands at 180 million tonnes grading 10.8% manganese.
High purity manganese is used for lithium-ion battery production
Commodity market conditions for metals required for lithium-ion batteries, including high purity manganese have been strong.
Notably, whilst high purity manganese makes up only 10% of the manganese market by volume, it accounts for an estimated 40% of the total value in sales of the market.
Successful scoping study to lead to feasibility study
After positive results from test work in 2017, Montezuma initiated a scoping study to review the potential for the Butcherbird Manganese Project.
The company aims to produce a range of high-value manganese products on a commercial scale.
The study assessed the options for project development and provided an assessment of the potential capital and operating cost requirements for project development.