Astra Resources PLC has signed an agreement with Cagayan River Construction & Development Corporation (CRCDC) on iron sands project in Philippines.
The joint venture’s purpose is dredging, developing and managing the iron sands reserves in the Cagayan River Delta located in the Cagayan Valley Region and off-shore in the North Eastern part of Luzon in the Philippines.
Jaydeep Biswas, chief executive officer of Astra said that the dredging, developmental and mining permits, currently allocated to CRCDC, have been assigned to the benefit of the joint venture.
“Third party reports including geological studies from CRCDC have been positive, indicating that the area is an established producing region that exports to nearby steel manufacturing markets in China, Korea and Taiwan.
“CRCDC has signed a Memorandum of Agreement with a Provincial Board in the Province of Cagayan, allowing the dredging of the Delta with the responsibility to dispose of the sand metal content and residue.
“The unusually high grade iron content is disposable through export and the residue is recyclable into other construction uses.”
Silvana De Cianni, managing director of Astra, explained that the undertaking will be mechanized from river seabed dredging preparation, to suction and discharge to barges.
“For the specific purpose of disposing the sand stone waste and residue and marketing the processed iron component of the sands, a separate subsidiary with Astra at the helm shall be incorporated in Hong Kong.”
Prior to realizing the funding, the required geological work and feasibility studies are being carried out.
This great opportunity will give Astra a significant potential export business to China, Taiwan and Korea.
Astra Resources’ global portfolio includes gold and iron sands interests in Southeast Asia, coal mines in Africa, iron ore in India, carbon efficient businesses, mining housing developments in Queensland and the production of the high-strength T-Steel technology in Hungary.
Dredging Today Staff, November 29, 2011;