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HONG KONG, Aug 11, 2011 - (ACN Newswire) - Siberian Mining Group Company Limited ("SMG" or "the Company"; stock code: 1142.HK), announced today that it has, through its wholly-owned subsidiary, THL, entered into an MOU with SK Networks. A joint-venture company ("JV") will be established to explore potential future acquisition opportunities with SK Networks in the Republic of Colombia.
Pursuant to the MOU:
- The strategic alliance will invest up to US$20 million (approximately HK$156 million) into the JV
- SK Networks and the Company have agreed to cooperate to explore the potential acquisition of coal mines (the "Mines") situated in the Republic of Colombia
- The JV intends to take over and fully entitled to use the railway license that will give the JV the ability to transport coal and coke cargo within the Republic of Colombia
Commenting on the strategic alliance, the Chairman of SMG, Mr. Lim Ho Sok said, "Establishing strategic partnership with a large Korean listed company to jointly develop a global commodities business is another positive milestone for SMG. We plan to become an international commodities trader and miner and all strategic development are on track. Through our proposed acquisition of Trenaco and the award of a coal mining license in Kemerovo, Russia, SMG has started to accumulate a portfolio of valuable mining assets."
"Together with our new Korean strategic partner, SK Networks, SMG has now established a new growth platform in South America. SMG will continue to seek good quality mining assets that can bring financial and strategic value to our investors."
SK Networks is one of the subsidiaries of SK Group, engaged in diversified global businesses involving export trading, natural resources development, mobile phone supply, petroleum supply, total automotive services, fashion and wine.
SMG's strategy for the long-term development of a resources group involves the development of both upstream and downstream resource-related businesses. These include direct mine investments, joint-venture mining operations and downstream resources trading.
Contact:
Kreab Gavin Anderson
Shelldy Cheung
Phone +852 2218 9966
Email: scheung@kreabgavinanderson.com
Vianna Yau
Phone +852 3753 6023
Email: vyau@kreabgavinanderson.com
Topic: Business Tieup
Source: Siberian Mining Group Company Limited
https://www.acnnewswire.com
From the Asia Corporate News Network
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