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RMMI mine investments moving eastwards

By: Yolanda Torrisi

Middle East company RAK Minerals and Metals Investments (RMMI) and its parent company Ras Al Khaimah Investment Authority (RAKIA) are keenly viewing the Asia Pacific region as a growth path to investing in mining.

The companies have recognized that company growth is well placed with investments in coal, copper and infrastructure development projects.

RAK Minerals managing director Madhu Koneru made a presentation recently in Singapore announcing that RAK Minerals had in the past couple of years made a decision to go global and invest in mining after more than 50 years in the limestone and cement industries.

The company has three regions of focus to grow its global footprint: Eastern Europe, Africa and Asia-Pacific. It’s investments interests lay in energy, specifically coal, metals and building materials.

"We love copper and any other metals around copper," Madhu Koneru says.

"Being a Middle East company, people get scared that we want to partner with mid-tier companies, but we have realized that the only way we can grow is through partnerships.

"We invested in copper and cobalt in the Congo, we have a acquired a stake in a smelter in Thailand and a 6% stake in junior copper play - Hillgrove Resources in Australia."

Furthermore, the linked Ras Al Khaimah Investment Authority (RAKIA) and RMMI have signed with the government of Indonesia's South Sumatra Province to invest more than $US1 billion in 2008.

The companies intend to invest in the development of strategic resources and infrastructure projects in Asia and Africa, including India. The MoU is expected to benefit India's coal, industrial minerals and metals sector. The deal includes plans to develop an integrated industrial and logistics infrastructure, including a rail transport corridor, and deep water sea port to handle bulk and container cargoes.

"The MoU with resource-rich Sumatra - where we plan to develop a suitable freight corridor and port infrastructure - will allow us to develop a cost-effective and efficient export route for thermal coal and other natural resources to India and other Asian and Middle Eastern markets," Madhu Koneru says.

Article Source: http://www.articlemanual.com

Yolanda Torrisi - Managing Editor and Director of The ASIA Miner, the international online Mining Magazine and hosts of leading Mining Conference events.



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