MoU signed for mining

Hyderabad, Apr 18 (UNI) A Memorandum of Understanding (MoU), was signed today for setting up of project-I for mining and mineral separation plant as part of the Beach Sand Project.

The MoU was signed by Mr Suren Gevorgyan on behalf of M/S BOTHLY TRADE AG, Switzerland and AP, Mineral Development Corporation. Chief Minister Y S Rajasekhara Reddy was also present on the occassion.

According to MoU, M/S BOTHLI would invest around Rs 70-90 crore in the development of Project-I and APMDC would hold 26 per cent equity in the Project-I.

The total capital outlay of the project is Rs 4,500 crore and the annual turn over would be around Rs 18,000 crore. The project is likely to start in 6-9 months after getting clearances.

The Andhra Pradesh Mineral Development Corporation Ltd (APMDC) would allocate about 8237 hectares of area from Lawson Bay in Visakhapatnam to Koyyam in Vizianagaram district and from Bendicreek to Barua and Donkuru deposit of Srikakulam district.

Minister for Mines and Geology, Sabita Indra Reddy, Chairman APMDC, Vaddepalli Narsinga Rao, Secretary Industries and Commerce, B Kripanandam, VC&MD, APMDC, V D Rajagopal and Managing Director of STORK HANDELSGES MBH group, Russia, J S Raghav were also present, according to official release.

UNI ASJ HS KN2317