AUSTRALASIAN RESOURCES AND MINERALOGY TARGET INDIA IN IRON ORE The newly badged Australasian Resources Ltd (ARL), (formerly Sherlock Bay Nickel Corporation Ltd) has wasted no time in commencing their search for business partners to assist the development of the southern block, a part of the massive Balmoral deposit, currently under negotiations with Mineralogy Pty Ltd. Managing Director of ARL, Mr Darren Hedley said "An invitation was extended to us from our new business partners Mineralogy to join the negotiating table with two of India’s premier iron ore producers, Kudremukh Iron Ore Company Ltd (KIOCL) and National Mineral Development Corporation (NMDC) of India. Both NMDC and KIOCL are government owned enterprises, with KIOCL owning India’s largest mining and pelletising complex and NMDC being India’s single largest iron ore producer, producing in excess of 20Mtpa. The intent of the trip is to explore joint business opportunities between the two countries. Mr Vimal Sharma, Director of Business Development for Mineralogy confirmed "there is a real opportunity to tap India’s growing economy and expertise, and further enhance our trade co-operation between India and Australia. We have a long standing relationship with these two companies, and were offered an invitation to visit their country and discuss opportunities for development of our massive iron ore resources in the Pilbara, Western Australia". Recently, the Western Australian Government confirmed its commitment to the Chairman of Mineralogy, Professor Clive Palmer, and its support for the major deal they announced with Hong Kong listed Citic Pacific earlier this year, whereby Citic Pacific confirmed they represent all the steel mills in China. Mr Hedley closed by saying "Mineralogy have provided a great opportunity, and it is a clear reflection of the strong business relationship that has been formed between both companies over the last 8 months. It has the ability to deliver real growth for the company and its shareholders in the short term."
SHN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
