Indsil Electromets, GoodEarth to operate Indonesian mineMarch 10th, 2008 - 2:54 pm ICT by admin
Mumbai, March 10 (IANS) Coimbatore-based mining firm Indsil Electrosmelts Ltd has inked a joint venture agreement with Nagpur-based manufacturer GoodEarth to jointly operate a manganese ore mine in Indonesia. According to a company statement, the mine is spread across 5,000 hectares and reportedly has rich resources of high-grade manganese ore.
It is estimated that the manganese ore resources in this mine would be around three million tonnes of medium and high-grade variety. The firms are carrying out detailed geological surveys to assess the ore potential.
According to the release, geologists have so far estimated production from this mine at around 300,000 tonnes per year.
The joint venture company is forming a 100 percent subsidiary in Indonesia for operating the mine. The ore would primarily be sold to the respective group companies for captive usage while the surplus material would be marketed across the globe.
Tags: geological surveys, geologists, globe, goodearth, grade manganese, group companies, hectares, indonesia, joint venture agreement, joint venture company, manganese ore, ore resources, rich resources, subsidiary, surplus material, tonnes