Australian miner Stirling Resources has announced a new partnership with India's biggest iron ore producer, the government-owned NMDC, less than a week after it raised $2.2 million from Austrian commodity trading group DCM DECOmetal.
The partnership has been formed to develop coking coal and iron ore investments in Australia and New Zealand, Stirling said. Stirling boss, Michael Kiernan, has other activities on the subcontinent, principally through India Resources a copper- and base-metals focused company active in the east of the country and in north-west Rajasthan.
Stirling’s deal with DCM gives the Austrian trader in ores, alloys and metals a 19.9 per cent stake in Stirling. "DCM and myself have had many years of developing projects and markets together and it's great that our partnership can continue in an exciting period of building another diversified Australian resources group," said Kiernan.
DCM and Kiernan took Consolidated Minerals from being a $10 million company to one worth $1.25 billion, that sum being paid by Ukrainian oligarch Gennadiy Bogolyubov’s Palmary Enterprises paid for the company.
Joining Stirling’s board – currently made up of Kiernan, his son James, plus Richard Poole and Paul Page, partners of boutique investment bank Arthur Phillip – will be DCM’s director of business development George Bedineishvili. Bedineishvili, a former Salomon Brothers resources analyst, was chief economic advisor to the president of Georgia, Mikheil Saakashvili.
Source: Business Spectator
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