A 50/50 joint venture has been signed by international diversified resource company Astra Resources and China Railway Finance Group (CRFG) in a bid to conduct operations in areas of global interest.
Under the Memorandum of Understanding, CRFG will finance and promote Astra projects and procure funding for technology implementation and mine development and operation.
Astra will be obliged to provide access to, and participate in, the manufacture of T-Steel and Nanosteel products in Chinese steel plants for existing global supply contracts requiring premium steel. It will also provide CRFG with access to clean coal technology and offtake opportunities for finished products and minerals.
Astra’s global portfolio includes gold interests in South East Asia, a coal mine in Africa, iron ore in India and the Philippines, carbon efficient and commodity businesses, the production of high-strength T-Steel technology in Hungary, clean coal technology, and a large agricultural focus on creating Australia as the food bowl for the Asian region.
Astra’s managing director Silvanna de Cianni says, “We recognize that governments world-wide are becoming increasingly committed to a clean energy future. As such, Astra is working to ensure renewable energy plays a growing part in the company’s business model.
“Our vision is to redefine industries and in turn, the global economy. To enable this strategy to come to fruition, we have identified a gold mining operation in Cambodia and this acquisition of gold assets will allow Astra to effectively hedge the US dollar exposure of resources in the steel value chain,” she says.
CRFG specializes in investment, holding and strategic partnership development, fund management, project management, project development, consultation service and financial services, and has experience in the development of new energy and technical research, mining, construction projects, private planning and project financing.