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Tasman: $6Million Investment
Greg Solomon
Tasman Resources Limited’s diversified energy and mining activities in three countries will benefit from $6million invested by Chinese businessman, Mr Guiting Liu.
Tasman’s Executive Chairman, Greg Solomon, said the investment will be finalised with Tasman shareholders to vote on a $2 million placement to Top Energy Pty Ltd – Mr Liu’s investment vehicle.
Speaking at the 2005 SA Resources and Energy Investment Conference in Adelaide, Mr Solomon said Mr Liu, a director of Eden Energy Limited, would increase his existing $2 million investment in Eden to $4 million. Eden is 49% owned by Tasman Resources.
Mr Liu, who is chairman of the Chinese-listed railway company Beiya, is also to invest, or arrange, $US2-3 million in Hydrogen China BVI Limited, the Hong Kong-based company undertaking the Chinese trial of Hythane – a unique blend of natural gas and hydrogen over which Tasman has patent rights.
The capital injection to Tasman and its affiliates replaces the recently announced $2 million placement to China Rail that could not proceed because of currency control restrictions.
Mr Solomon said the funds would be used to progress three of Tasman’s major projects including the Chinese bus project, the coal seam methane exploration program in Wales, and drilling the of the Marathon South gold-copper prospect, north-east of Olympic Dam in South Australia.
Tasman expect a four well drilling program at Marathon South to start within the next fortnight.
