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ASX:OMH) said has executed a confidentiality agreement with Consolidated Minerals Limited with respect to investigating a possible transaction involving ConsMin's Woodie Woodie manganese operation in Pilbara region of Western Australia.The two parties are considering a possible acquisition of an interest in Woodie Woodie by OM Holdings to combine the two companies' Australian manganese operations and find potential strategic, operating or marketing synergies. The transaction could create the world's second largest low phosphorous siliceous high grade manganese ore producer.
OM Holdings is starting a staged due diligence process on Woodie Woodie. ConsMin currently holds an 11.7 per cent stake in OM Holdings through its wholly owned subsidiary Stratford Sun Limited.
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