Shaw River to acquire Mwana Africa’s 80% stake in Ghana manganese project
West Australian-based manganese explorer, Shaw River Resources Ltd., has exercised its option to acquire Mwana Africa’s 80% interest in a manganese project in Ghana.
The project according to reports in the Australian media seen by ghanabusinessnews.com is located 30km west of the Takoradi Harbour in the Western region of Ghana. Takoradi currently ships around one million tonnes per annum of manganese ore from the Nsuta mine operated by Palmary Enterprises.
The option agreement according to the reports has been varied by mutual agreement such that Shaw River will now issue Mwana Africa 980,000 ordinary shares which will be held in three months voluntary escrow lieu of the previously agreed cash exercise price.
In December 2009, ghanabusinessnews.com reported the sale of 70% of Mwana Africa’s gold exploration project in Konongo.
The Pan-African, multi-commodity resources company said the Konongo exploration project was sold under Mwana’s option agreement with Australian-quoted Signature Metals.
Ghana is becoming attractive for its manganese reserves in recent times. China for instance has indicated that it will triple its manganese exports from Ghana according to this report.
By Emmanuel K. Dogbevi