Meridian Mining SE placed its Espigão d'Oeste manganese operation in Brazil into temporary care and maintenance amid weak prices.
The company said Dec. 4 that it is exploring alternatives to maximize the property's value, including discussions with top shareholder Sentient Equity Partners and other potentially interested parties.
Remaining stocks of manganese concentrates will be commercialized locally but ongoing discussions with potential customers will be suspended. The number of employees and contractors in Brazil will also be reduced.
Meridian Mining said manganese ore prices have been under pressure since April due to rising inventories in Chinese ports, depressed manganese alloy prices and general poor market sentiment.
In the meantime, the company said it will continue to advance the Espigão polymetallic and Mirante da Serra manganese exploration projects.