Astra Resources Plc
Astra Resources Plc: Astra announce plans to begin dredging its Philippine iron sands project
Astra Resources Plc / Key word(s): Strategic Company Decision/Miscellaneous Astra announce plans to begin dredging its Philippine iron sands project Adelaide, Australia – May 9 2012: International diversified resource company Astra Resources PLC (FWB Code: 9AR), through its joint venture in the Cagayan River Construction and Development Corporation (CRCDC) will begin the dredging of its Philippine iron sands project in late 2012. Through its subsidiary Astra Philippines Pty Ltd, Astra beneficially owns ninety percent (90%) of the joint venture company CRCDC, a Philippine registered company. The Babuyan Channel Iron Sand Lode in the province of Cagayan, in the north eastern part of Luzon in the Philippines, is estimated to contain more than 31.3 billion metric tonnes (BMT) in the Mineral Production Sharing Agreement areas (MPSA), which is only a fraction of the Lode. Astra CEO Dr Jaydeep Biswas says commencement of the project is pursuant to a Memorandum of Agreement (MOA) by and between the CRCDC and the Provincial Government of Cagayan, which was ratified by the Provincial Board on May 4, 2012. ‘This grants CRDCD the authority to dredge, extract and utilise ‘quarry resources’, sand particles and other materials of commercial value such as magnetite iron sands from the Cagayan River Delta,’ Dr Biswas says. The authority to dredge the assigned area, a 200 metre by 12 kilometre strip along the mouth of the Cagayan River, located in Aparri, was stipulated to be for a period of 25 years, with the production expected to reach gross sales of about 1 million tonnes per annum by 2014. The initial estimated resource is 135 million tonnes. The ultimate goal of the Joint Venture company CRCDC is off-shore mining of magnetite sand with a top production of 300 thousand metric tonnes per month on a floating plant.
‘This site, to be secured from the Department of Environment and Natural Resources, has inferred resources of 13 BMT,’ Ms. De Cianni says. It is expected that this business partnership will significantly enhance the Economic Development Program, particularly in the mining industry sector, in the Philippines. Astra through its joint venture interest in CRCDC has successfully arranged all requirements to start full operation by end 2012. Top level discussions will be held in Manila for a corporate review of the requirements before full implementation. Astra Resources’ global portfolio includes gold interests in Southeast Asia, coal mine in Africa, iron ore in India, Norway and the Philippines, carbon efficient and commodity businesses, the production of the high-strength T-Steel technology in Hungary, clean coal technology and the provision of mining services housing in Rockhampton, Queensland and a large Agricultural focus on creating Australia as the food bowl for the Asian Region through Astra Agricultural Resources. For more information about Astra Resources visit www.astraresources.co.uk ENDS For all media enquiries contact: Bruce Nelson +61 (0) 423 403 449 (bruce@zakazuhka.com) Disclaimer in regards to Forward-looking Statements Certain statements included herein, including those that express management’s expectations or estimates of our future performance constitute ‘forward-looking statements’ within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, Astra Resources PLC does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events End of Corporate News 10.05.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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