Cancana Resources (CNY.V) has sold an additional 7,500 tonnes of manganese from its existing stockpile at the BMC project in Brazil. No additional details were released, but based on the current manganese price and the average premium Cancana has been able to secure on its product in the past 12 months, we are estimating this sale resulted in an achieved price of US$115 per tonne.
Using the current USD/CAD exchange ratio and the total amount of product sold, the total cash inflow into the treasury of the joint venture company will very likely be in excess of C$11-1.2M. Keep in mind this will NOT show up on Cancana’s balance sheet as Cancana only has a minority stake in the Brazil Manganese Corporation.
Go to Cancana’s website
The author holds a long position in Cancana Resources. Cancana is a sponsor of the website. Please read the disclaimer
