AI assistant
OM HOLDINGS LIMITED — Capital/Financing Update 2021
Feb 4, 2021
65497_rns_2021-02-04_a492c297-07b7-4a93-8a95-c908b1dc3a58.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
OM HOLDINGS LIMITED
(ARBN 081 028 337)
==> picture [133 x 80] intentionally omitted <==
No. of Pages Lodged: 1
05 February 2021
ASX Market Announcements ASX Limited 4[th] Floor 20 Bridge Street SYDNEY NSW 2000
Dear Sir/Madam
OMQ BUSINESS AND OPERATIONS UPDATE
OM Holdings Limited (ASX:OMH) (“ OMH ” or the “Company” ) wishes to provide a business update on its China operations further to the December 2020 Quarterly Production and Market Update released on 28 January 2021.
The Company’s smelter plant located in Qinzhou, China (“ OMQ ” or the “ Qinzhou Plant ”) encompassing its smelting operation and sinter ore production has been suspended since March 2020 due to the COVID19 pandemic. The decision to suspend the operations at the Qinzhou Plant has subsequently been reevaluated.
During the downtime period, OMQ was able to carry out major maintenance on 1 of the furnaces while the other furnace was upgraded from 16.5 MVA to 25.5 MVA. The furnace upgrade will improve production efficiency and increase total capacity at the Qinzhou Plant with an added flexibility to produce either silicomanganese or high carbon ferromanganese. After a period of trial production, full commercial operations for the upgraded furnace and the manganese ore sinter plant restarted on 31 January 2021, while the other furnace is anticipated to recommence production in 1H 2021.
Commenting on the furnace commissioning, OMH Executive Chairman, Mr Low Ngee Tong said: “ As China remains the world’s largest producer and consumer of steel, this capacity upgrade of our Qinzhou plant will increase the Company’s smelting capability and create more synergies with our manganese ore distribution activities in China. ”
The Qinzhou Plant now encompasses two sets of furnaces, 25.5 MVA and 16.5 MVA respectively, with a closed furnace design that enables the recycling of flue gases for sintering. Following the completion of the upgrading and maintenance of the two sets of furnaces, the Qinzhou Plant is expected to have a production capacity of 80,000 to 95,000 tonnes per annum of manganese alloys and 300,000 tonnes per annum of sintered ore.
Yours faithfully OM HOLDINGS LIMITED Further enquiries please contact: Ms Jenny Voon Heng Siow Kwee/Julie Wolseley T: +65 6346 5515 Joint Company Secretary E: [email protected]
This ASX announcement was authorised for release by the Board of OM Holdings Limited.
10 Eunos Road 8, #09-03A Singapore Post Centre, Singapore 408600 Tel: 65-6346 5515 Fax: 65-6342 2242 Email address: [email protected] Website: www.omholdingsltd.com ASX Code: OMH