WMN gets key extension in Indonesia
Published 04-DEC-2015 11:53 A.M.
|
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Western Mining Network (ASX:WMN) will have a bit more time to get its ducks in a row on a key Indonesian acquisition – at no cost to the company.
Earlier this year it announced that it would gain 100% of Indonesian company GT Grafindo Nusantara (GTN) in exchange for 25 million newly issued shares with no cash outlay.
It told its investors today that the deadline on the deal had been extended to the end of this year, with WMN not having to put up any additional capital to secure the delay.
The delay of the deal gives more time for WMN to cross its Ts and dot the Is, and to generally work through the detail.
In exchange for acquisring GTN, WMN will get its hands on two prospective graphite tenements in Indonesia.
These tenements include one with an inferred resource of nearly 8 million tonnes, with a mean total graphitic content of 12.7%.
It also has a mining license for that resource valid until July 2023.
While it has other projects on its plate in Indonesia, further drilling at both of the tenements would move some of the inferred resource into the indicated and measured categories.
However, at this stage it has not outlined a firm drilling program at these tenements.
It also recently completed a $6 million capital raising, which on boarded new cornerstone investor Lanstead Capital LP.
The WMN game plan
Earlier this year WMN unveiled its plan in Indonesia to build two mini-plants capable of producing five tonnes of graphite per day at it Kalimantan and Sulawesi projects.
The plants will reportedly be capable of producing varying degrees of graphite, with low grades going for less than $US1000 ($A1408.04) to $10,000.
The lower grade graphite will simply require more conventional beneficiation techniques such as crushing, milling, agitation, and floatation.
The higher-end processing is planned to be farmed out to its partners, including South Korea-based Carbon Nano Tech.
However, to get the ball rolling WMN wants to build two mini plants based at the two projects.
WMN CEO David Putnam has been working since he was appointed in July this year to tie up funding for the next stage of the WMN plan.
General Information Only
This material has been prepared by StocksDigital. StocksDigital is an authorised representative (CAR 000433913) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573).
This material is general advice only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with personal financial or tax advice and does not take into account your personal objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, StocksDigital, any of their related body corporates or any other person. To the maximum extent possible, 62C, StocksDigital, their related body corporates or any other person do not accept any liability for any statement in this material.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
