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Article: Astra Industrial Group to set up mining joint venture.
- Article from:
- ADP News Middle East & Africa
- Article date:
- June 30, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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(ADPnews) - Jun 30, 2009 - Saudi Arabia's Astra Industrial Group (SAU:1212) signed yesterday a Memorandum of Understanding (MoU) with local Tharawat Mining Co to form a joint venture in the mining sector, Astra said in a statement to the Saudi bourse.
Astra will own 60% in the new company with Tharawat holding the balance.
The joint venture, to be headquartered in the capital Riyadh, will be active in developing, owning and managing mining projects, and holding mining concessions.
No financial details were made available.
Astra Industrial Group (www.astraindustrial.com.sa) ...