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PrintOM Holdings has secured funding for its Sarawak smelting project in Malaysia from Japanese trading company Hanwa, which will take a 4.1 per cent stake in the Australian manganese producer and help it sell to steelmaking ferro alloy customers in Japan and elsewhere.
OMH said it would sell 25 million shares to Hanwa at 39.7c each, raising more than $9.8 million. Hanwa will provide about $20m in financing, with OMH issuing to it 25 million unsecured convertible notes at a face value of 80c each.
The two companies have agreed to a marketing arrangement covering the sales of 80,000 tonnes of ferro silicon and 80,000 tonnes of silico manganese from the Sarawak smelter, it said.
OMH already has an agreement to sell up to 100,000 tonnes a year of ferro silicon from the smelter to a unit of Japan's JFE Group in exchange for an equity investment worth about $US40m ($36.98m).
The project, which is 80 per cent owned by OMH and the remainder by Cahya Mata Sarawak Berhad, is expected to begin production in 2014.
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