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| Published on 27.11.2009 |
| Earthstone Group Announces Further Developments in Its Corporate Structure |
Jakarta, November 27, 2009: Mr. Pankaj Shah, Chairman and President of Earthstone Group (Earthstone Holdings, Ltd.), announced today that the Board of Directors unanimously approved establishment of Earthstone Metals Group – a new corporate structure within the Holding. The primary activity of a new Group is to identify, shortlist and develop non-ferrous minerals mining assets globally.
Over 18 months since its inception, Earthstone Group was able to focus on a number of mineral development projects globally. At this time, the following companies are incorporated:
Mr. Pankaj Shah comments: “As Earthstone implements and further develops approved Corporate Strategy, we feel that there is a need to structure our business operations, invest in and operate attractive, long terms, cost competitive projects, with an emphasis on quality of each opportunity. Non-ferrous metals are in great demand at this time – thus we need a special vehicle to execute our plans. We feel that Earthstone Metals Group is a perfect mechanism for this. This last move is a demonstration of a balanced approach to corporate value creation by widening our focus beyond growth to higher margins, greater return on capital, and cash generation.”
Earthstone Metals Group is headquartered in Dubai (UAE) with primary operations in Indonesia and is headed by Mr. S.K. Naik who has more than 15 years of professional expertise in mineral exploration and mining operations of various ore commodities like iron ore, zinc, limestone, bauxite, lead, and copper & cobalt in different parts of India, Europe & Africa. Prior to joining with Earthstone Resources, he has worked with companies like Chemicals of Africa (CHEMAF), Vedanta Resources Plc., and A.V. Birla Group. He works as a catalyst for achieving the objectives and for organic growth through meticulous planning, optimum resource utilization and effective manpower management.
About Earthstone Group
Earthstone Group is a diversified multinational Group with established presence in Mines and Minerals and developing interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure. Acting through its subsidiary companies the Group secured 100% Economic Rights in Coal, Iron Ore, Lead Ore and Manganese Ore properties in Indonesia. We are actively pursuing opportunities in a number of Asian and African countries for Coking Coal, Uranium, Gold and Thermal Coal Mining.
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