Gulf confirms Indo profitability

GULF Manganese, formally Gulf Minerals, has confirmed the economics of developing a smelting and global sales marketing business in West Timor to produce high carbon ferromanganese alloys.

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Gulf Manganese expects an internal rate of return of 45.6% at its Indonesian smelting project.

Revealing the findings from its Timor Smelter Study, Gulf said the project had the potential to return earnings before interests, tax, depreciation and amortisation of $US623.