Both Balaton and Jaydeep Biswas of Astra Resources both believe this is a positive transaction for both parties
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Adelaide, South Australia (PRWEB) July 31, 2013
This acquisition when consummated provides Astra with a shareholder presence in North America and an opportunity to list in that market. Astra will assist in providing funds and Board experience to progress the existing Balaton assets and to acquire more North American assets. Both Balaton and Jaydeep Biswas of Astra Resources both believe this is a positive transaction for both parties.
Subject to successful completion of this agreement, Balaton will enter into an option agreement to earn an interest in a property in the Voisey’s Bay area located on the east coast of north Labrador, Canada.
About Balaton Power:
Balaton through its wholly owned subsidiary, Continental Resources (USA) Ltd. ("CRL") has a pending Joint Venture Agreement ("JVA") with the Orissa Mining Corporation ("OMC") that has been accepted by both CRL and OMC. The agreement remains subject to the approval of the State Government of Orissa, India. This JVA provides 150 million metric tonnes of bauxite from the Gandhamardan Mountain deposit for CRL to set up an integrated aluminium complex with an alumina refinery of about 1 million tonnes per year capacity, and an aluminium smelter of about 260,000 tonnes per year capacity. The Gandhamardan Mountain holds a large residual deposit of metallurgical grade bauxite averaging 46.4% Al2O3. The historic resource estimate of the Gandhamardan Mountain is over 201.2 million tonnes of bauxite based on 462 drill holes at a minimum of 200 meter sections. Upon obtaining the Government of Orissa's approval of the JVA between OMC and CRL a feasibility study will begin.
About Astra Resources:
Astra’s main focus is on acquiring disruptive technologies which will substantially alter the resources industry by changing end-user demand and costs. Also referred to as disruptive innovations, the term describes innovations that improve a product or service in ways that the market does not expect by displacing an earlier technology, a move that often leads to lowering prices in an existing market. By focusing on both ends of the supply chain through supplying raw materials and utilizing ground breaking technologies, such as T-Steel and Clean Coal Conversion, Astra is able to meet the evolving demands of end-users while avoiding costly investment in the manufacturing step of a process.
Astra’s current asset base includes the successful acquisition of a number of industry changing technologies that will help drive the advancement of developing countries. The asset classes cover Industrial & Energy Technologies, Carbon Efficient Operation and Mining Operations. Astra is intending to dual list on the FSE (Frankfurt) and SGX (Singapore) by the end of 2013.
Astra Resources - PR Department
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KEYWORDS/TAGS: Astra Resources PLC, Balaton Power Inc, Technology Company News, Jaydeep Biswas, Silvana De Cianni,