PRZOOM - /newswire/ -
Jakarta, Selatan, Indonesia, 2009/03/24 - A new Joint Venture on an eighty-twenty (80/20%) percent ownership basis; with Rains Group providing sourcing of mining projects in Laos, Myanmar and Indonesia, and Earthstone Group being responsible for exploration and development of the projects.
Mr. Pankaj Shah, Chairman and President of Earthstone Group, announced today that it has executed a formal International Mineral Mining Joint Venture (JV) Agreement with Rains Group of India. The companies are establishing a new Joint Venture on an eighty-twenty (80/20%) percent ownership basis; with Rains Group providing sourcing of mining projects in Laos, Myanmar and Indonesia, and Earthstone Group being responsible for exploration and development of the projects.
Under the provision of the Agreement, Rains Group bears all pre-operative expenses for the projects; and after final approval of the project for JV it shall transfer all titles and rights to the Joint Venture Company. Acting within the framework of the Agreement, Earthstone Group shall invest 100% of the project cost, alongside with training of Rains Group’s personnel on Earthstone’s existing operational sites. The sales and marketing of minerals produced on the Joint Venture mines in the markets in India and South-East Asia shall be conducted via established Earthstone structures.
Mr. Pankaj Shah further elaborated: “This month marks exactly one year of corporate operations, and I would like to report to the shareholders of Earthstone Group that our strategic plan of operations is expanding well to the schedule. Today’s’ Joint Venture Agreement marks another vital step in international expansion of the Holding Group – as the Rains Group is finalizing a number of mining projects in Laos and Myanmar. With approval of these projects we extend our operations to four countries of Asia and Africa”.
About Earthstone Group
Earthstone Group (earthstonegroup.com) is a diversified multinational Group with established presence in Mines and Minerals and developing interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure. Acting through its subsidiary companies the Group secured 100% Economic Rights in Coal, Iron Ore, Lead Ore and Manganese Ore properties in Indonesia. We are actively pursuing opportunities in a number of Asian and African countries for Coking Coal, Uranium, Gold and Thermal Coal Mining.
About Rains Group
Rains Group of India is a Mining and Minerals Group with a focus on South East Asia including Laos, Cambodia, Myanmar, Indonesia and some part of Africa. With its extensive networking capability, the Group developed in the last few years a number of gold mining projects that have a first-class development potential.