DGAP-News: Astra Resources Plc: Astra announce plans to begin dredging its Philippine iron sands project
(firmenpresse) - DGAP-News: Astra Resources Plc / Key word(s): Strategic Company
Decision/Miscellaneous
Astra Resources Plc: Astra announce plans to begin dredging its
Philippine iron sands project
10.05.2012 / 11:00
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Press Release
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.
Astra Managing Director Silvana De Cianni says that Astra is in the process
of acquiring additional mining areas alongside MPSA 1, 2, 3 and 4 to add to
the Joint Venture.
'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(at)zakazuhka.com)
Caitlin Petrou +61 (0) 402 823 343 (caitlin(at)astraresources.com.au)
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
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