A definitive agreement has also been signed between the two companies.
Both companies involved in the transaction are based in Canada.
The agreement also includes an offtake agreement between the target company’s subsidiary, Manganese Trading, and Grizal Enterprises. As part of this, Grizal Enterprises will be entitled to purchase up to 600,000t of Ghanaian manganese ore from Manganese Trading for ten years.
Tian Yuan is an electrolytic manganese metals producer based in China and a subsidiary of Ningxia Tianyuan Manganese Industry.