Corporate Fact Sheet
On 21 October 2011, WMN signed a Heads of Agreement ("HOA") with Borneo Brothers Limited ("BBL"). The agreement not only gave WMN the right to acquire an option to purchase 51% of the issued shares of PT Genesis Berkat Utama ("Genesis"), an Indonesian Company holding a manganese tenement in Toli Toli, Central Sulawesi with an Ijin Usaha Pertambangan ("IUP") Production license but also gave WMN first access to BBL's pipeline of manganese projects for the next two years and additional management expertise through Christopher J. Clower, who joined the WMN Board.
Mr Clower has extensive experience in the Indonesian natural resources sector and was formerly Head of South East Asia Corporate Finance with Merrill Lynch Investment Banking Division, where he raised over US$2bn for Indonesian natural resources clients from 2005-2009.
The BBL alliance provided WMN a platform to specialise in the acquisition or part thereof of other potentially economic manganese projects and to acquire interests or part thereof in non-manganese projects.
With a focus on the acquisition of value adding projects, WMN identified a "Buyers Market" in Indonesia's mining sector and seized the opportunity on 13 November 2012 by entering into a master agreement to acquire up to 100% shares of four thermal coal tenements ("Penajam Paser Utara Project") with a combined area of 5,000 hectares in Penajam Paser Utara, East Kalimantan.
To view the full company fact sheet, please visit:
About European Cobalt Ltd
European Cobalt Limited (ASX:EUC), formerly Western Mining Network Limited, is engaged in the acquisition and exploration, and evaluation of resource-based projects within Indonesia. The Company operates through two segments: mineral exploration and treasury.
European Cobalt Ltd