PHI Mining Signs Joint Venture Agreement to Exploit Black Pearl Granite in Thailand
Author:alvin Date:2/13/2009 2:57:07 AM Read:3792
Providential Holdings, Inc., (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and acquisitions, real estate development, mining, and investing in special situations, today announced that its majority-owned subsidiary PHI Mining Group, Inc. (PINKSHEETS: PHIG), a company focused on mining opportunities in Southeast Asia, through its wholly owned subsidiary Indochina Mining Corporation (IMC), has signed a partnership agreement with Mr. Chinnawat Chaikijjanuwat of Bangkok to form a joint venture company, IMC Thailand Joint Venture Co., in order to exploit and process black pearl granite in Wang Mee Commune, Wang Nam Kiew District, Nakhon-Ratchasima Province, Thailand.
The mining area for the black pearl granite is approximately 81 acres, with estimated total capacity of 1,400,000 cubic meters and minimum capacity of 495,000 cubic meters.
In addition, other mines that are part of the joint venture agreement include: (1) a brown marble mine in Saraburi Province with estimated total capacity of 1,750,000 cubic meters and minimum capacity of 750,000 cubic meters, (2) a black marble mine in Lopburi Province with estimated total capacity of 1,200,000 cubic meters and minimum capacity of 450,000 cubic meters, and (3) a yellow marble mine in Lampang Province with estimated total capacity of 1,800,000 cubic meters and minimum capacity of 800,000 cubic meters.
Recent market prices for black pearl granite, brown marble, black marble, and yellow marble FOB Xiamen, China are approximately $2,100, $1,100, $960, and $800 per cubic meter, respectively.
IMC Thailand Joint Venture Co. will obtain the mining license from the appropriate authorities of The Kingdom of Thailand and will have the rights to own the land, hold, mine and process the mineralized materials. According to the agreement, IMC will contribute $3.75 million toward the total registered capital of $7 million for the black pearl granite project.
Tai Vo, President of IMC, commented: "Our joint venture with Mr. Chinnawat Chaikijjanuwat provides a tremendous opportunity for us to work together and unlock significant value for all the stakeholders involved. We anticipate getting the joint venture license very soon and also acquiring an existing factory to expedite our operation in the near future."