Astra Mining, an Australian diversified mining company, has signed a joint venture agreement to develop mining licenses in the natural resource rich Nigeria
Adelaide, Australia, June 12, 2011 - Astra Mining, an Australian diversified mining company, has signed a joint venture agreement to develop mining licenses in the natural resource rich Nigeria
The agreement has been struck with Tirogo Nig. Ltd, which is part owned by the founder and Chairman of the Australia-Nigeria Council, Ade Kukoyi.
Mr Kukoyi is a highly regarded Nigerian national who established the Council to encourage and promote trade and economic opportunities between the two countries.
The joint venture has formed a Singapore registered company (which owns a Nigerian subsidiary) to take advantage of the favourable tax structure and treaty in place between Singapore and Nigeria.
The Nigerian subsidiary is the holder of an export licence in respect to mining related products.
Astra CEO Dr. Jaydeep Biswas says the joint venture agreement is a major step forward for the company in its international expansion plans.
‘The joint venture has been established to develop various mining licences in Nigeria and, through its wholly owned Nigerian subsidiary Bingi Commodities Nig. Ltd, establish separate special purpose vehicles for every mining licence to be acquired and developed in Nigeria," Dr. Biswas says.
"Provision for the shareholding of local landowners in Nigeria will be made within every special purpose vehicle established.
"In addition to the development of mining licences in Nigeria, the joint venture will engage in any projects relating to iron ore, coal, oil, gas, gold and other commodities relating to the steelmaking process, and the provision of mining housing infrastructure for the resources industry in Nigeria."
Astra believes the signing of the agreement will greatly assists the diversification of the company, and will add an enormous income stream going forward.
Dr. Biswas says Astra’s investment in Nigeria is not only an investment in the future of the resource rich country but also in the future growth of Astra Mining.
Astra Mining’s global portfolio includes gold and tin interests in south east Asia and southern India, coal mines in Australia, iron ore in India, and the production of a new high-strength steel technology.
Astra has also announced its plans to list on the Frankfurt Stock Exchange in the coming months.
For more information visit www.astramining.com or email investor-relations@wedgewoodcommunications.com
Contact:
Caitlin Petrou
Astra Mining
46 Tynte Street
North Adelaide SA 5006
+61 (0) 402 823 343
