Report for August 3, 2011: TNG Limited to Form Strategic Partnership with Leading Chinese Group
03.08.2011 | ABN Newswire
Sydney, Australia - Australian resources company TNG Limited (ASX:TNG) has entered into a binding agreement with Jiangsu Eastern China Non-Ferrous Metals Investment Holding Company Ltd., a leading Chinese state-owned enterprise part of the East China Mineral Exploration & Development Bureau ('ECE'). As part of the agreement, ECE will invest A$13.4 million for a 30% stake holding in TNG Limited. The strategic partnership will underpin the ongoing Pre-Feasibility Study and upcoming pilot plant metallurgical test work program for TNG's flagship Mount Peake Iron-Vanadium Project in the Northern Territory. New Age Exploration Limited (ASX:NAE) has entered into a binding agreement to acquire another coking coal exploration and mining concession in Colombia. This is the Company's second coking coal acquisition in Colombia and has increased its total JORC Conceptual Exploration Target to 30 to 58 Mt of high quality medium volatile hard coking coal.
Altura Mining Limited (ASX:AJM) announced further drilling results from its Pilgangoora Lithium project located in the Pilbara region of Western Australia. The results have confirmed the presence of thick and shallow spodumene mineralised pegmatites and returned assays displaying significant lithium mineralisation of over 1,300 metres. The Company has an initial objective of locating 20 million tonnes of spodumene mineralised pegmatites and maiden JORC mineral resource estimate is expected to be completed in August 2011.
South African focused coal mining company Continental Coal Limited (ASX:CCC) said today that the Sishen Iron Ore Company Community Development Trust ('SIOC-cdt') is to acquire a 26% interest in Continental Coal's South African subsidiary and will invest initially ZAR140 million into Continental Coal's South African coal business. SIOC-cdt is a highly respected and well established Broad Based Black Economic Empowerment Company whose principal investment is a shareholding in the Sishen Iron Ore Company (Pty) Ltd, which has one of the largest iron ore operations in the world.
MphasiS (BOM:526299), a global IT services provider in India, has signed a definitive agreement to acquire 100% equity stake in Wyde Corporation, a US-based international software vendor and creator of Wynsure, an Insurance Policy Administration Solution used by many leading insurance carriers in North America and Europe. The acquisition will extend MphasiS' insurance footprint in Life & Annuities segment and strengthen its existing capability in the Property & Casualty segment.
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