Loan facility obtained for Shaw River

Shaw River Manganese Limited (Shaw River) (ASX:SRR) advises that it has entered into an unsecured loan facility agreement with Atlas Iron Limited (Atlas), which  is a strong supporter of Shaw River’s manganese strategy. The loan facility agreement allows Shaw River to borrow up to AUD$4 million from Atlas to fund the company’s operating costs. It bears interest at 11% per annum, and is repayable in 12 months. As of 30 June 2013, Shaw River had cash of $930 000.

Shaw River operates a number of manganese projects in Australia and Internationally, with two projects located in Africa. Shaw River is currently focused on exploration, defining and increasing the mineral resource base and project studies, leading to the development of an open cut mining operation at its Otjozondu project, in Namibia.

The ralated article: Lonmin updates market on union developments

In an update to the market regarding union recognition developments and wider industrial relations at its Marikana operations, Lonmin states that a court application has been brought by the National Union of Mineworkers (NUM).

It has been set down for 10 July 2013.

Whilst Lonmin cannot comment in detail, the case relates to membership numbers for both NUM and the Association of Mineworkers and Construction Union (AMCU). In preparation for this case Lonmin filed documents to the court, elements of which became publicin South Africa yesterday (July 7, 2013). Clearly this case is sub judice, consequently arguments may not be made publicly prior to being put before the court.

However, the Company’s wider position remains that it wishes the issue of union status at its operations to be resolved peacefully, and as quickly as possible, for the benefit of all stakeholders. Lonmin further believes that all employees have the right to be represented by the union of their choice.

In this matter Lonmin remains committed to the framework agreement brokered by the Deputy President of The Republic of South Africa, which provides for amicable solutions to enhance a sustainable mining industry in South Africa.

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