|By PR Newswire||
|August 29, 2014 05:03 AM EDT||
ST HELIER, Jersey, August 29, 2014 /PRNewswire/ --
Consmin, a leading manganese ore producer with mining operations in Australia and Ghana, announces its annual results for period ending 30 June 2014.
Commenting on the results, David Slater (Chief Financial Officer) said:
"During the second quarter, Consmin delivered a steady operational and financial performance despite a difficult pricing environment.
"Manganese sales tonnes increased by 4% in Q2 2014, when the Company caught up on the delayed sales in Australia in Q1 2014 due to adverse weather conditions. Volumes of manganese ore produced were 1% higher, with manganese C1 cash costs being $2.46 for the quarter and $2.38 in year-to-date further improving on the 2013 C1 cash costs.
"I am disappointed to report that TMI have recently notified the Company that they are unable to continue to perform on the long-term off-take agreement due to operational issues with their newly constructed EMM production lines. The Company has as a consequence issued a termination letter to TMI and issued instructions to its bank to draw on the $50 million standby letter of credit to offset the damages that the Company will suffer as a result of the early termination of the off-take agreement. On-going conciliatory discussions are being held between the parties in order to resolve this matter."
About Consolidated Minerals Limited
Consmin is a leading manganese ore producer within mining operations in Australia and Ghana. The principal activities of the Company and its subsidiaries (the "Group") are the exploration, mining, processing and sale of manganese products. The Group's operations are primarily conducted through four major operating/trading subsidiaries: Consolidated Minerals Pty Limited (Australia), Ghana Manganese Company Limited (Ghana), Manganese Trading Limited (Jersey) and Pilbara Trading Limited (Jersey).
Consolidated Minerals Limited is headquartered in Jersey and the address of its office is Commercial House, 3 Commercial Street, St Helier, Jersey, Channel Islands, JE2 3RU.
For further information, please visit our website http://www.consmin.com
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