cluff JV partner news release ..top 500 indian company ,Varun...

cluff JV partner news release ..

top 500 indian company ,
Varun Group in JV with Cluff Resources Pacific NL, Australia for platinum, gold and precious stones mining

Madagascar Energy Corporation SARL based in Madagascar has entered into a Joint Venture Agreement with M/s Cluff Resources Pacific NL, Australia on November 20, 2010 .

The company owns permit , licenses and lease hold rights for mining gold, platinum and other precious stones in certain regions at Madagascar like Ranapiso of Fort Dauphin, Ankaramena and Ihosy.

Varun Mines & Minerals Limited based at Mauritius a 100% owned subsidiary of Varun Industries Limited owns majority stake in Madagascar Energy Corporation SARL .
Cluff Resources Pacific NL, having its registered office in Sydney ,has vast experiences in the area of mining gold, platinum and precious stone and in terms of the JV Agreement has committed to meet 75% of the exploration expenditure and also to organize the complete financial resources required for the exploitation.

M/S Cluff Resources Pacific NL is entitled for sharing the resources only to the extent of 35% and the balance 65% will be shared by M/s Madagascar Energy Corporation SARL.

In the above agreement the exploration, exploitation and marketing of the gold, platinum and precious metals are covered.

The exploration process has two phases on completion of which the exploitation will begin. The agreement is expected to result in substantial gain for Varun Industries Limited taking the Group to new heights of value creation.