Iron ore price weakens as Australia flags return to sub-$100 prices
Futures dropped for a fourth day in Singapore, to trade about 3% lower for the week.
Bryah Resources (ASX:BYH) has one-year exploration option on Horseshoe South Manganese Mine, a large manganese mine that produces about 1 million tonnes of manganese ore.
Under the exclusive option, Bryah has the right to purchase the historic Horseshoe South Manganese Mine lease and exploration rights to 154 square kilometre, expanding onto Bryah Basin for a period of one year.
Manganese, a battery material metal, has been gaining more interest from juniors. Out of the various battery material combinations consisting of cobalt, nickel, manganese and aluminium, manganese offers the cheapest solution for producers. Proactive Investors says it is 43-times cheaper than cobalt.
To meet market demands, Byrah’s strategy is to produce manganese ore grading between 30% to 40%.
The Australian company is a Perth-based junior explorer, focusing on high-grade copper, gold and manganese resources. Its two projects are located in central Western Australia: Bryah Basin and Gabanintha Projects.
Bryah is optimistic about the historic mines future manganese outputs and they “. . . believe that there is potential to breathe life back into the old mine,” said Bryah Resources Managing Director Neil Marston.
Ongoing ore sorting testwork showed signs of promising exploration of the Horseshoe South mine area. The most recent samples collected are as high as 48.8% Mn.
The mining lease is currently held by Peak Hill Manganese and Bryah will pay an option fee of $100,000 within 5 days of completion, subject to final due diligence.
Written with Material from Bryah Media Release.
