Gulf Minerals Makes Progress on Switch to Manganese

Mining Weekly reported that Gulf Minerals Corporation Ltd. (ASX:GMC) plans to divest its 51-percent interest in its Northern Territory copper exploration tenement to Redbank Copper Ltd. (ASX:RCP), its partner. The move comes as Gulf switches its focus to manganese.

As quoted in the market news:

Redbank would pay Gulf some A$125 000 for its stake in the exploration project, with full payment due incrementally over a nine-month period, and settlement expected following Ministerial consent for the transfer.

Gulf CEO Bruce Morrin said on Thursday that an internal review had revealed that the exploration project would not support a standalone operation, and to become commercially viable, would need to become part of the contiguous Redbank Copper project.

Earlier this year, Gulf also entered into negotiations with Canada’s Laramide Resources to divest of its uranium exploration licence in the Northern Territory. This transaction would be completed shortly.

Click here to read the full Mining Weekly report.