CRFG Sino Construction Investment and China Railway Financial Group, related parties to China Railway Group, have finalized funding agreements with Astra Resources prior to its intended IPO.

CRFG will provide major European prime bank facilities to Astra for projects on a per-project basis, making CRFG the largest single shareholder of Astra. The revolving facility will be drawn for capital and operational needs of projects.

They will be deployed through a 50:50 Joint Venture (JV) Hong Kong company to be managed by CRFG and Astra. The deal further commits CRFG to trade finance facilities, including bringing the mined and finished steel products to broader Chinese markets.

Through the JV steel and energy industries will focus on carbon efficiency, unique mining opportunities in developing countries where logistical infrastructure is in place and unique market entries requiring a combination of technology, mining and bilateral-collaborative relations.

Initial priorities will include Orissa, India, iron ore mining and trading followed by high-strength steel manufacturing for railways and associated industries; commercialization of clean coal technologies with a focus on brown coal conversion for Chinese energy markets; gold and copper projects in Indo-China; T-steel and Nano-steel rollout in Europe; Green diesel injector technology for vehicle conversions in China to reduce pollution; solar DSSC technology as a competitor to silicon solar cells; and development of coal mines in Africa and iron sands in Philippines.

UK-based Astra Resources has a portfolio including gold interests in South East Asia, coal in Africa, iron ore in India and the Philippines, carbon efficient and commodity businesses, the production of the high-strength T-Steel technology in Hungary and clean coal technology.

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