VANCOUVER, June 21, 2017 /CNW/ - Meridian Mining S.E. (TSX V: MNO) ("Meridian" or the "Company"), today announced it has signed a contract for the sale of 20,000 tonnes of high-grade manganese to an international customer from its project in Rondônia, Brazil.
"The sale marks an important milestone for Meridian, and represents approximately one-third of our estimated production for 2017," said Anthony Julien, President and CEO of Meridian Mining. "With commissioning of our pilot plant expected in the coming weeks, we are well on the way to growing production capacity to 50,000 tonnes per annum, helping us to better address the growing global demand for high-grade manganese."
The sales contract will consist of two shipments to be completed before year-end 2017. The first is for 10,000 tonnes to be delivered in September. The second is expected in December. Given that Meridian's product is high grade, it will be priced at a premium to benchmark. At May 20th 2017, the benchmark price for manganese was USD $5.76 per tonne (US$ / Price 44% Mn CIF Tianjin – Metal Bulletin).
High-grade manganese has a number of applications beyond steel production, including the manufacture of batteries and use as a fertilizer.
With the new contract, Meridian's sales orders for 2017 are 18,799 tonnes sold and delivered and 32,463 tonnes committed.
Meridian Mining S.E. is focused on the acquisition, exploration, development and mining activities in Brazil. The Company is currently focused on exploring and developing the Jaburi manganese and gold projects, the Bom Futuro tin JV area, and adjacent areas in the state of Rondônia. The Company employs a two-pronged strategy with the objective of growing pilot production while advancing a parallel multi-commodity regional exploration program. Meridian is currently producing high grade manganese at its project located at Espigão de Oeste.
Further information can be found at www.meridianmining.co.
On behalf of the Board of Directors of
Meridian Mining S.E.
President, CEO and Director
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of its properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
The Company cautions that it has not completed any feasibility studies on any of its mineral properties, and no mineral reserve estimate has been established. In particular, because the Company's production decision relating to Jaburi's manganese project is not based upon a feasibility study of mineral reserves, the economic and technical viability of the Jaburi manganese project has not been established.
The TSX Venture Exchange has in no way passed upon the merits of the proposed option grant and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.
For further information: Joe Racanelli, NATIONAL Equicom, 416-586-1943, [email protected]