Earthstone Group, a diversified multinational company headquartered in Indonesia, has decided to venture into manganese and iron ore mining in Orissa and Chhattisgarh. The group also intends to acquire rare earth beach sand properties in India.
Pankaj Shah, Chairman, Earthstone Group told Projectmonitor that the company would invest between $75-100 million in its Indian operations over the next five years.
In a significant disclosure, Shah said that India was not a part of Earthstone's priority or the focus of its global operations because of absurd mining laws and red tape in this country.
For now, Earthstone intends to focus on Orissa and Chhattisgarh for its planned foray in mining. Eventually, it may extend its presence to the power sector in India once its Indonesian coal mines commence production, he stated.
Earthstone recently executed a formal international mineral mining joint venture agreement with Rains Group of India. The companies are establishing a new 80-20 JV where Rains Group will scout for mining projects in Laos, Myanmar and Indonesia, and Earthstone Group will be responsible for exploration and development of the projects.
Earthstone has diverse operations in Indonesia, Niger and India. It has established presence in mines and minerals and developing interests in energy, agriculture, roads, airports, ports, railways and allied infrastructure.
Source : ProjectsMonitor
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