Cancana Resources (CNY.V) has announced it has increased its stake in the BMC joint venture which owns the Brazilian Manganese project. Cancana currently owns 32.5 of the project and has the option to increase this stake to 39.5% upon making a $2.65M payment to the JV company.
The BMC project contains the highest-grade manganese ore in the world and this is being used in the fertilizer industry instead of the steel industry. Cancana is a new sponsor of the website and we will provide more in-depth information shortly as we are preparing to release a Q&A with Dylan Berg, Cancana’s VP Corporate Development.
> Click here to go to Cancana’s website
Disclosure: The author holds a long position in Cancana Resources. Cancana is a sponsor of the website. Please see our disclaimer for current positions.
