Manhattan Resources woos spurned JES partner

THE mining company recently spurned by JES International has a new suitor in Manhattan Resources, but it will not fetch as high a bride price if the deal is consummated. "We just hope that with this new episode, it will erase all the worry about the quality of our mine," Mineriver chief executive Ho Sing Ming told The Business Times.

Manhattan said late yesterday that it had entered into a three-month call option agreement with Starsmind Capital, a holding controlled by Mr Ho and his wife, for the right to acquire up to 60 per cent of Starsmind's enlarged share capital. Starsmind, in turn, has an option to take up to 39.4 per cent of Mineriver, which holds a metals exploration permit in Xinjiang.

"The investment represents an opportunity for the group to venture into the resources market and to broaden its earnings base," Manhattan said in an announcement.