Bowen in joint ventures with Bhushan 09:49, Monday, 25 February 2008
Sydney - Monday - February 25: (RWE Australian Business News) - Bowen Energy (ASX:BWN) has signed two joint ventures with Bhushan Steel of India. Bowen Energy managing director Kevin Nichol described the JVs as a major advance for Bowen in its ambition to become a significant Australian coal producer. The first JV concerns EPC 1045 and, when granted, EPCA 1206. Bowen retains a 15% free carried interest up until the commissioning of a mine; including plant, equipment and associated infrastructure. The second JV concerns EPC 1001 and EPC 1002. Bowen retains a 10% free carried interest up until the commissioning of any mine, including plant, equipment and associated infrastructure. From the up to $3.2 million being raised from the recent placements, Bowen will allocate $2.4 million towards exploration of the JV projects.
BWN Price at posting:
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