Rama listing

SHAREHOLDERS in Australian Indian Resources subsidiary Rama Mines are expected to realise their investment when Rama lists a gold company on the Mumbai Stock Exchange in March next year.

The listing, the culmination of six years’ work by AIR, will be the first gold exploration company on the 5,900-company MSE, which boasts 556 foreign institutions among its 40 million investors. AIR is ready to commence drilling on its granted mining leases near the Kolar goldfields and will transfer these to the Indian company. In addition to helping establish a laboratory in Bangalore for the analysis of drilling samples, AIR is encouraging a WA drilling company and Australian engineers to set up operations there.

With nickel and zinc interests also in India, AIR intends to construct processing facilities as well, dependent on a commercial find.