*Mineral Enterprises Limited* plans to sell its 40% stake in the iron ore exploration JV - *India and Mineral Enterprises Australia Pty Ltd*- to its Australian partner* Lincoln Minerals Limited*.
The move company comes after the MEL sold its 10.17% stake held in Lincoln Minerals in a secondary market sale 3 months ago. According to ET, MEL will pocket $5.7 Mn from the stake sale. <http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/MEL-to-sell-40-in-ore-JV-to-Aussie-partner/articleshow/5838011.cms> Transaction Note Although Mineral Enterprises Australia (MEA), a wholly owned subsidiary of Bangalore-based iron ore miner Mineral Enterprises Limited had signed the JV agreement with Lincoln Minerals in December 2007, the formal acquistion of the 40% stake happened only in 2009 after a funding of $2.5 Mn. The amount was utilised for meeting initial drilling and exploration expenses. LML also retained the right to operate and manage the project. Prior to the 10.7% stake sale in Lincoln Minerals, MEL was the largest shareholder in the company after Australian mining firm South Cove which holds 18% stake in the company. MEL is focusing on various projects in India, including a proposed steel plant and a deep sea port in Karnataka. It has been in the iron ore extraction business for over four decades with mining reserves of around 2.5 mn tonne in South India. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
