Auric Mining Corporation announced that it has signed a MoU with Vietnam based Anh Thang Mining Corporation to jointly mine and excavate some of the largest, active iron ore and steel mining properties in Northern Vietnam.
Established in the early 80's, Anh Thang Mining Corp, the cradle of the metallurgical industry of Vietnam, is one of the first to mine unique metallurgical zone in Vietnam with an integrated production line from exploiting iron ore to making cast iron, steel billet and rolling steel.
For almost 20 years of operation and development, Anh Thang Mining Corp. has been nonstop growing in production strengths. With the rolling steel capacity currently of over 10,000 tonne per year and turnover revenues of USD 50 million. USD in 2011, Anh Thang has large product distribution network including 3 branches in Hanoi, Quang Ninh and Thanh Hoa provinces.
Auric will utilize its resources, equipment and contract labor personnel to provide infrastructure support to Anh Thang project initiatives in Quang Ninh and Thanh Hoa provinces. The JV is for 3 years with an option to renew for another 2 years. In return, Anh Thang will allow Auric Mining a ten percent ownership in its mines once production volume has reached an agreed upon milestone.
Mr Marcus Nguyen director of Anh Thang's said that "We're delighted and honor to welcome Auric Mining to our network alliances. With a strong foothold and access to US capital market, Auric will definitely be an asset to our future and ongoing mining projects."
Additionally, Auric's management has considered a share buy back program of up to one billion shares to reduce the current float and outstanding. This strategic move will allow the Company to lower its liabilities in anticipation of the return to positive EPS in 2013 and beyond.
