Gulf Manganese to build €52m smelter
GULF Manganese (ASX: GMC) has inked a deal securing necessary funds to construct and commission the first of two smelters at the Kuapang smelting hub in West Timor, Indonesia. The company executed a binding term sheet for the establishment of a €52m structured loan facility with Glacier International Depository Ltd, Legal and General Investment Management Limited and HSBC Bank The loan, which is presently being finalised, is expected to be received by the end of January. Gulf Manganese will be fully funded to complete the construction and commissioning of the smelter, which currently sits at 60pc complete and requires a further six to seven months’ work and about US$13m capital. The loan facility would also provide the company with the…