Ashapura Minechem Ltd's overseas subsidiary enters into MOU with China Railway

Ashapura Minechem Ltd's Overseas Subsidiary has entered into a long-term Memorandum of Understanding (MOU) with China Railway, a Global Fortune 500 Company, to jointly develop its Fako bauxite deposit in the Kindia region of Guinea.

In terms of MOU, China Railway will be responsible for production of Bauxite and provide logistic solution while Ashapura will be totally responsible for sales and marketing and providing technical support including quality assurance for the project.

The abovementioned project may set to transform one of Guinea's most underdeveloped regions by creating job opportunities. It will also boost Company's production capacity while driving economic growth and improving lives of local communities in the Fako region.

This collaboration underscores Ashapura's commitment to sustainable development, economic upliftment and community welfare in Guinea.

Shares of Ashapura Minechem Limited was last trading in BSE at Rs. 519.65 as compared to the previous close of Rs. 472.45. The total number of shares traded during the day was 215611 in over 4318 trades.

The stock hit an intraday high of Rs. 519.65 and intraday low of 472.10. The net turnover during the day was Rs. 109966569.00.

Source : Equity Bulls

Keywords

AshapuraMinechem INE348A01023 Mining OverseasSubsidiary MOU ChinaRailway