New Delhi, Jul 21 (UNI) GJR Group, the country's leading mining and steel conglomerate, today said it has partnered with PT Earthstone Resources to develop and explore mining projects in Indonesia and plans to acquire 50 per cent economic interest in a project in Sumatra.
''The company will invest about 30 million dollars in mine development and plans to take 50 per cent economic interest in Tenement project located near Nalo Baru village in Sumatra,'' it said in a statement, adding that the mine has estimated reserves of 100 million metric tons of high grade 64+ Fe iron ore.
Two special purpose vehicles will be floated to carry out the transaction. The first SPV will be involved in the mine development, while the second vehicle will carry out marketing activity of the iron ore produced.
GJR Group will deploy its experience and technology to exploit and develop the iron ore mine for captive use as well as for selling it in the international market, besides using Earthstone's extensive network in the Indonesian and international mining industry to strengthen its regional and international presence.
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