Thomson Financial reported that Churchill Mining PLC would sell its 80% stake in the South Woodie Woodie Manganese project to Australian company Spitfire Resources Ltd to focus on its Sendawar and East Kutai coal projects in Indonesia.

Churchill Mining PLC said that Spitfire will issue 25 million shares after its AUD 4 million initial public offering on the Australian Stock Exchange, for the deal following which Churchill will hold a 49% stake in Spitfire.

Churchill said Spitfire would list on the ASX in the fourth quarter. It will also be entitled to retain a manganese production royalty should a mine be developed.