Australia's Bryah Resources has partnered with OM Manganese, a 100% subsidiary of OM Holdings, a leading supplier of manganese ores and ferroalloys based in Singapore, have announced the creation of a Bryah Basin Manganese Joint Venture (JV) to find commercially viable manganese deposits at the Horseshoe South mine in Western Australia.
In order to receive the initial 10% stake in the JV, OMM must pay Bryah $ 250,000 as an advance payment by 30 August 2019.
To increase its stake in the JV to 51%, OMM will have to finance the next $ 2 million in JV expenses. If the company wants to get a 60 percent stake, it will have to finance $ 1.8 million in additional project costs.
The JV will own what is considered the largest historically explored manganese mine, Horseshoe South Manganese, in Washington state, as well as a number of other manganese deposits, including Brumby Creek, Black Hill, Black Caviar, Devils Hill, Black Beauty and Cheval, where Bryah has already confirmed the presence of manganese ores by drilling and sampling.
The Bryah Basin Project is located approximately 100-150 kilometers north of the city of Meekathara. The company's rights to extract manganese ores extend over 880 sq. kilometers of the western part of the Bryah Basin, where several manganese deposits have been historically explored, the largest of which is the Horseshoe South mine.
