On September 18, 2023, Ashapura Minechem announced that the company had secured considerable supply orders for bauxite and iron ore to Chinese companies.
Ashapura Minechem is a company that operates within the industrial mineral sector, focusing on exploring and refining minerals like bauxite, bentonite and kaolin. Its primary mission is to serve a diverse range of industries, including but not limited to oil and gas, foundry, and construction, by providing high-quality mineral products.
During a regulatory filing at the exchanges, the company stated, “Ashapura Holdings (UAE) FZE, a step-down subsidiary of the company, has concluded and signed two contracts for the supply of 24 million tonnes of bauxite from Guinea to a subsidiary of the Chinese aluminium major, State Power Investment Corporation. While the first contract entails a three million tonne per annum supply agreement for three years, the second contract entails three million tonnes per annum supply agreement for five years.”
“Ashapura Guinea Resources SARL, another step-down subsidiary of the company, signed the contract to supply iron ore. The iron ore mined from Guinea will be supplied to Tai He Mining. The contract entails a supply agreement of 10 million tonnes of iron ore, of which 2 million tonnes per annum of iron ore will be supplied for five years.”