Astra Resources PLC (FWB: 9AR) subsidiary Astra Minerals Pvt. Limited has secured an iron ore trading license for the Joda and Barbil areas in the Keonjhar district of the Orissa State in India.
This is the third of five trading licenses Astra is in the process of securing covering the main iron ore producing regions in Orissa to Paradip Port, where Astra holds a storage and export site.
Astra CEO Dr Jaydeep Biswas says securing this license is a further step towards turning its 5,000 square metre plot at Paradip Port into a major iron ore export province.
“Astra has already secured trading licenses covering the Koira Mining Circle in the Sundergarh district and the Jajpur Road Mining Circle in the Jajpur district,” Dr Biswas says.
“Securing a third trading license expands the company’s reach, allowing Astra to trade and transport self-mined and third party mined iron ore to Paradip Port for export into the international market while further developing our own mining operations for domestic use and export.”
“Being one of the few companies with export licenses for iron ore, while also having possession of leasehold land at Paradip Port for storage and shipping, makes Astra a serious contender in the resources industry.”
A further two trading licenses are being applied for by Astra in the districts of Keonjhar and Cuttack in Orissa.
Astra Managing Director Silvana De Cianni says the trading licence allows Astra to obtain iron ore from the specified area and transport it to its plot at Paradip Port for storage and export.
“The plot size will allow Astra to trade and ship approximately 200,000 to 400,000 tonnes of iron ore per month, bringing a substantial income stream into the company,” Ms De Cianni says.
“Astra has already been granted an export license, and with arrangements already in place to buy iron ore from third party mines, trading can begin immediately.”
A number of other licenses are being applied for in numerous different regions in Orissa.
Astra Resources’ global portfolio includes gold and iron sands interests in Southeast Asia, coal mines in Africa, iron ore in India, carbon efficient businesses, mining housing developments in Queensland and the production of the high-strength T-Steel technology in Hungary.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22781/astra-resources-plc-adds-iron-ore-trading-license-in-india-22781.html
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