CASSONA SE
CASSONA invests in the iron and steel production in Kazakhstan
CASSONA SE / Key word(s): Letter of Intent/Investment CASSONA has signed a Memorandum of Understanding with the National Mining Company Tau-Ken Samruk to establish the production of iron, which shall be enlarged step by step to a qualified production facility of stainless steel. Frankfurt (09 April 2013) – CASSONA (COE) informs that the MOU is signed. It is intended that a highly modern metal production arise in several successive construction phases in the Region of West Sayak in Kazakhstan between 2014 and 2020. In Part 1 of the project the investments are estimated to a total of 500 million US dollars for the exploration and mining of titanium magnetite ores with further production of iron, vanadium and titanium concentrates. In Part 2 of the project the investments are calculated to 1.7 billion US dollars for the construction of the electrometallurgical complex with a capacity of at least 1.0 million tons of stainless steel per year with a variety of products for the mechanical engineering, building industry and other economic sectors. CASSONA shall be the financial partner. Tau-Ken Samruk shall be the operative partner locally to manage the Joint Venture Company. Further international partners shall be integrated as technology suppliers and co-operation partners. ‘We have been working for several years on this project,’ the Executive Director Oliver Walangitang is cited. ‘In November 2011 we estimated the total volume to 1.2 billion Euros. Today the detail planning is much more specific and we already speak about 2.2 billion US dollars. The planning horizon after finalizing the second expansion phase has a life expectancy of another 40 years.’ Kazakhstan is wealthy on natural resources and commodities on a surface of more than 2.7 million square kilometers with a population of 16.7 million inhabitants only and an average economic growth rate of 6.5% annually since 2010. CASSONA is an investment corporation for target companies of the business sector of natural resources, mining and related infrastructure projects with focus on deposits in Canada, Russia, Kazakhstan and Arabia. CASSONA is a European corporation with domicile in Frankfurt Main. The shares are listed at the regulated market of GXG Markets and they are traded at the Open Market of Frankfurt Stock Exchange FWB and at Berlin Stock Exchange (ISIN DE000A1C6T63). Additional information ir@cassona.de This announcement contains forward-looking statements that are based on current assumptions and forecasts of the management of CASSONA SE. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our company. The company assumes no liability to update these forward-looking statements or to conform them to future events or developments. (c) 2013 CASSONA SE is a European corporation in the legal form societas europaea (SE) with headquarters in Frankfurt am Main, country of origin Germany and first quotation at the Danish stock exchange GXG Markets A/S in the EU regulated market segment GXG Official List. End of Corporate News 09.04.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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