Ashapura Minechem said that its overseas subsidiary has entered into a long term memorandum of understanding (MoU) with China Railway, a Global Fortune 500 Company, to jointly develop its Fako bauxite deposit in Kindia, Guinea.
In terms of MOU, China Railway will be responsible for production of Bauxite and provide logistic solution while Ashapura will be totally responsible for sales and marketing and providing technical support including quality assurance for the project.The abovementioned project may set to transform one of Guinea's most underdeveloped regions by creating job opportunities. It will also boost companys production capacity while driving economic growth and improving lives of local communities in the Fako region.
Ashapura Minechem is engaged in the mining, manufacturing and trading of various minerals and its derivative products and related services.
The companys consolidated net profit declined 25.3% to Rs 44.33 crore in Q2 FY25 as compared with Rs 59.33 crore in Q2 FY24. Net sales increased 9% YoY to Rs 604.10 crore during the quarter.
The scrip rallied 9.99% to end at Rs 519.65 on Friday, 17 January 2025.
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