{"id":1243,"date":"2016-01-25T09:51:37","date_gmt":"2016-01-24T22:51:37","guid":{"rendered":"http:\/\/www.bnmme.com.au\/?p=1243"},"modified":"2016-01-25T09:51:37","modified_gmt":"2016-01-24T22:51:37","slug":"another-manganese-operator-enters-administration","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2016\/01\/25\/another-manganese-operator-enters-administration\/","title":{"rendered":"Another manganese operator enters administration"},"content":{"rendered":"

\"shaw\"The third Australian manganese operator in two months has closed operations as the commodity price falls.
\n<\/strong>
\nShaw River, owner of the Otjozondu manganese project in Namibia, has entered voluntary administration \u201cas a consequence of low manganese ore prices\u201d, which halved in 2015.<\/p>\n

It follows fellow Australian companies OM Holdings \u2013 which closed its Bootu Creek mine in December \u2013 and Consolidated Minerals \u2013 which shut down its Woodie Woodie mine last week \u2013 in shuttering its operations.<\/strong><\/p>\n

Shaw River is placing \u201citself in a trading halt and then in voluntary suspension while the company pursued a restructuring of debt as a precondition of a fund raising to be initiated in the New Year,\u201d it said in a company statement.<\/p>\n

It explained that while it still has a credit line with its major shareholder available, \u201cbeyond an initial loan amount all additional drawdowns were at the discretion of the lender\u2026.late in the year, the lender informed the directors that its capacity to advance further funds was limited.\u201d<\/p>\n

Shaw River carried out an SPP last month to reduce debt obligations, however it failed to raise enough from its shareholders.<\/p>\n

\u201cUnfortunately the company has not received any assurance from a third part that is it possible to raise funds in the short term for a company such as Shaw River that operates in the resources sector or more particularly in the manganese sector, particularly while the stock markets are volatile.\u201d<\/p>\n

Shaw stated it has already \u2018aggressively\u2019 pared back operating costs \u201ct o levels not previously thought possible\u201d, however the fact that manganese ore has fallen to levels not seen since 2003 negated its efforts.<\/p>\n

\u201cThese low ore prices are having consequences,\u201d the miner said.<\/p>\n

\u201cWithin the manganese ore market, production of internationally traded ore has been severely pruned with full and partial closures of mines in many countries including notably South Africa and Australia<\/strong>, and the closures announced continue at least through January.\u201d<\/p>\n

However despite the wide scale slaughter manganese operators are facing , Shaw River managing director Peter Cunningham does see a future for the commodity.<\/p>\n

\u201cThese cutbacks are resulting in shortages of some grades of manganese ore,\u201d he said.<\/p>\n

\u201cSpot prices in China are showing early signs of recovery.<\/p>\n

\u201cHowever, demand in China has been constrained in advance of Chinese New Year, and so stocks of ore in China ports have yet to decline significantly. Demand is expected to improve after Chinese New Year<\/strong>, and this improvement should provide opportunity for restructuring of Shaw River and its subsidiaries.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The third Australian manganese operator in two months has closed operations as the commodity price falls. Shaw River, owner of the Otjozondu manganese project in Namibia, has entered voluntary administration \u201cas a consequence of low manganese ore prices\u201d, which halved in 2015. It follows fellow Australian companies OM Holdings \u2013 which closed its Bootu Creek … Continue reading “Another manganese operator enters administration”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6],"tags":[],"class_list":["post-1243","post","type-post","status-publish","format-standard","hentry","category-mines-and-quarry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-k3","jetpack-related-posts":[{"id":1241,"url":"https:\/\/yinghuiinternational.com\/index.php\/2016\/01\/25\/nearly-400-jobs-go-at-woodie-woodie-mine\/","url_meta":{"origin":1243,"position":0},"title":"Nearly 400 jobs go at Woodie Woodie mine","author":"yinghui","date":"January 25, 2016","format":false,"excerpt":"Approximately 380 workers jobs have been cut as Consolidated Minerals place the Woodie Woodie mine in care and maintenance. 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