DGAP-News: CASSONA invests in the iron and steel production in Kazakhstan
(firmenpresse) - DGAP-News: CASSONA SE / Key word(s): Letter of Intent/Investment
CASSONA invests in the iron and steel production in Kazakhstan
09.04.2013 / 08:23
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CASSONA invests in the iron and steel production in Kazakhstan
CASSONA has signed a Memorandum of Understanding with the National Mining
Company Tau-Ken Samruk to establish the production of iron, which shall be
enlarged step by step to a qualified production facility of stainless
steel.
Frankfurt (09 April 2013) - CASSONA (COE) informs that the MOU is signed.
It is intended that a highly modern metal production arise in several
successive construction phases in the Region of West Sayak in Kazakhstan
between 2014 and 2020. In Part 1 of the project the investments are
estimated to a total of 500 million US dollars for the exploration and
mining of titanium magnetite ores with further production of iron, vanadium
and titanium concentrates. In Part 2 of the project the investments are
calculated to 1.7 billion US dollars for the construction of the
electrometallurgical complex with a capacity of at least 1.0 million tons
of stainless steel per year with a variety of products for the mechanical
engineering, building industry and other economic sectors. CASSONA shall be
the financial partner. Tau-Ken Samruk shall be the operative partner
locally to manage the Joint Venture Company. Further international partners
shall be integrated as technology suppliers and co-operation partners.
'We have been working for several years on this project,' the Executive
Director Oliver Walangitang is cited. 'In November 2011 we estimated the
total volume to 1.2 billion Euros. Today the detail planning is much more
specific and we already speak about 2.2 billion US dollars. The planning
horizon after finalizing the second expansion phase has a life expectancy
of another 40 years.' Kazakhstan is wealthy on natural resources and
commodities on a surface of more than 2.7 million square kilometers with a
population of 16.7 million inhabitants only and an average economic growth
rate of 6.5% annually since 2010.
CASSONA is an investment corporation for target companies of the business
sector of natural resources, mining and related infrastructure projects
with focus on deposits in Canada, Russia, Kazakhstan and Arabia. CASSONA is
a European corporation with domicile in Frankfurt Main. The shares are
listed at the regulated market of GXG Markets and they are traded at the
Open Market of Frankfurt Stock Exchange FWB and at Berlin Stock Exchange
(ISIN DE000A1C6T63).
Additional information:
Hans-Joachim Bischoff
Head of Investor Relations&Corporate Communications
CASSONA SE
Schubertstr. 14
60325 Frankfurt Main
Germany
ir(at)cassona.de
www.cassona.de
This announcement contains forward-looking statements that are based on
current assumptions and forecasts of the management of CASSONA SE. Known
and unknown risks, uncertainties and other factors could lead to material
differences between the forward-looking statements given here and the
actual development, in particular the results, financial situation and
performance of our company. The company assumes no liability to update
these forward-looking statements or to conform them to future events or
developments.
(c) 2013 CASSONA SE is a European corporation in the legal form societas
europaea (SE) with headquarters in Frankfurt am Main, country of origin
Germany and first quotation at the Danish stock exchange GXG Markets A/S in
the EU regulated market segment GXG Official List.
End of Corporate News
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09.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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