Astra plans Frankfurt listing, inks Nigerian deal
Astra Mining, an Australian diversified mining company, announced at an Extraordinary General Meeting on Wednesday plans to list on the Frankfurt Stock Exchange.
A resolution was passed that will see the shareholders in Astra Mining roll their shares into Astra Resources PLC, a UK public listed company, and seek a listing date.
The listing is unconditional and a listing date will be chosen to maximise the share price, expected between 18th July and 31st August 2011.
Earlier in the week Astra signed a joint venture agreement to develop mining licenses in Nigeria. The agreement was struck with Tirogo Nig. Ltd, which is part owned by the founder and Chairman of the Australia-Nigeria Council, Ade Kukoyi. 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 said 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,” said Biswas.
“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 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.