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 -- Manganese selling prices achieved in Q1 averaged more than a 30% premium on current CIF Tianjin prices -- Extended rainy season and maintenance issues have resulted in limited production for Q1 -- Former RTZ Corp. (now Rio Tinto Group), Yamana Gold Inc. and Vale S.A. mine manager Paulo Gontijo joins BMC to expand existing operations 

Cancana's President & CEO, Anthony Julien, said, "This quarter successfully demonstrated the value of our strategy of targeting the higher priced manganese fertilizer market rather than the steel market. We achieved a notable premium that was our highest to date. We continue to make quality and infrastructure improvements that will enable us to expand production. The addition of Mr. Gontijo will assist us greatly in these efforts. He is one of Brazil's most experienced mine managers and we are excited to have him. Our goal is to increase production for the remainder of the year. That will enable us to move toward economically subsidizing the development of a flagship resource, that will see its first drill campaign begin later this month."

 

Sales

 

First quarter sales at BMC averaged more than a 30% premium on current CIF prices and represented a 15% increase in sales price on previous sales from 2013. CIF Tianjin pricing for 44% manganese was $3.02 per dmtu as of May 1st, 2015