ST HELIER, Jersey, May 28, 2015 /PRNewswire/ --
"As previously reported Consmin terminated its sales agreement with TMI in August 2014 following which a number of legal and arbitration processes arose between the parties.
On 27th May 2015, Consmin (via its subsidiary MTL) and TMI entered into an agreement concluding the differences that had arisen in their relationship, which conclusion includes the termination of all existing legal proceedings, and the re-establishment of their mutual trading relationship on a spot-basis.
As part of that negotiated conclusion, Consmin has received $51 million from TMI, which comprises in part a payment to access manganese ore from Ghana in the future (refundable only under limited circumstances) and an advance payment in respect of 3 million tonnes of manganese ore, such future shipments having been agreed in principle and delivery of which is expected to commence shortly."
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
SOURCE Consolidated Minerals Ltd