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Afghanistan,Malaysia : LUSTER seals JV agreement with VENTURIAN MINERALS.

Luster Industries Bhd's unit Linpower Resources Sdn Bhd has sealed a JV contract with Venturian Minerals Sdn Bhd to form a joint venture committee (JVC) to explore and carry out the mining of tin ore and any other minerals in Kemaman, Terengganu.

In a filing to Bursa Malaysia, Luster said the joint venture would offer it a new business opportunity to diversify into a new income stream in order to lessen its dependence on the subsisting business of the group.

It is planned to initiate Luster's operations as a contractor for the mining, extraction and production of the products by offering Luster an attractive chance to venture into the mining industry, it said

The company will spend a total sum of RM5.5 million into the JVC which it will fund through a combination of internally generated funds and bank borrowings.

It said the final composition of the financing will be determined by the management of Luster at a later stage depending on the cost of financing and cash needs of the group's business operations.

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Publication:Mena Report
Geographic Code:9MALA
Date:Jun 19, 2014
Words:187
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