Ashapura Minechem Ltd updates on contracts signed for supply of Bauxite and Iron Ore

On Saturday, September 16, 2023, Ashapura Holdings (UAE) FZE (a step-down subsidiary of Ashapura Minechem Ltd.) concluded & signed 2 contracts for the supply of Bauxite from Guinea and Ashapura Guinea Resources SARL (a step-down subsidiary of Ashapura Minechem Ltd.) concluded & signed a contract for the supply of Iron Ore from Guinea.

The two contracts for supply of 24 million tons of Bauxite from Guinea were signed with a subsidiary of the Chinese aluminium major, State Power Investment Corp ("SPIC"); the first contract, a 3 million tons per annum supply contract for 3 years and the second contract, a 3 million tons per annum supply contract for 5 years. SPIC, a Fortune Global 500 company, is one of China's largest state-owned conglomerates having total assets of USD 112 billion integrated over nuclear power, thermal power, coal, aluminum, logistics, finance, environmental protection and high-tech industries.

The contract to supply 10 million tons of Iron Ore was signed with Tai He Mining, whereby 2 million tons per annum of Iron Ore will be supplied for 5 years. Tai He Mining is a Chinese Iron Ore major with the latest technology to upgrade & process Iron Ore.

These contracts offer Ashapura the opportunity to set-aside a part of its production from Guinea towards stable long-term commitments.

Shares of Ashapura Minechem Limited was last trading in BSE at Rs. 325.50 as compared to the previous close of Rs. 313.00. The total number of shares traded during the day was 260196 in over 4356 trades.

The stock hit an intraday high of Rs. 329.95 and intraday low of 308.00. The net turnover during the day was Rs. 83677652.00.

Source : Equity Bulls

Keywords

AshapuraMinechem INE348A01023 Mining Contract Bauxite IronOre