Archive for January, 2009

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China Gengsheng Minerals, Inc. announces bauxite supply partnership with Aluminium Corporation

Wednesday, January 14th, 2009

China Gengsheng Minerals, Inc., a materials technology company in China which produces products capable of withstanding high temperature for certain industries such as steel and oil, and makes its main business through its BVI-registered subsidiary China Gengsheng Minerals Inc., has reported on the forming of supply partnership with Aluminum Corporation of China’s Gongyi Division for bauxite from a mine that it owns in the province of Henan.

Under the terms of this partnership, Aluminum corporation will ensure the annual supply of 150,000 to 250,000 tons of bauxite to Gengsheng, which in its turn will pay a slightly-below-market price for this.

Aluminum Corporation of China is the world’s largest alumina producer and the parent company of Chinalco Gongyi. The bauxite mine has a reserve of 12 mln tons, with an average alumina grade of over 70%, and an estimated life of 25 to 30 years.

Posted in BVI Company Contracts, BVI IBC Business News | No Comments »

US$4.1 Million Licence to Start Drilling in the BVI Holding Company Controlled Santa Rosa Block

Saturday, January 10th, 2009

Australia-based international exploration and production company Otto Energy Limited informed that it had executed the agreements approving the farm-in into the Santa Rosa Block exploration licence in Argentina, and had approved the Exploration Work Program and Budget totalling US$4.1 mln with  the view to start drilling in the first half of 2009.

The Santa Rosa Block is a large onshore concession located in Mendoza Province of Argentina. In November 2005, Otto and Oromin Explorations Limited agreed to a Letter of Intent to farm-in to the Santa Rosa Block, whereby Otto Energy Limited would earn a 32.48% shareholding interest in an Oromin-owned British Virgin Islands company Cynthia Holdings Ltd that wholly owns an Argentinean company Exploraciones Oromin SA, which in its turn is the 100% holder of the rights to explore and produce from the Santa Rosa Block.

The farm-in consideration is for Otto to fund the first US$1.4 mln of the approved Exploration Work Program and Budget, after which it contributes its pro rata equity share. The interest holders of the Santa Rosa exploration licence are Oromin 67.52%, who is the Operator, and Otto, with 32.48%. Otto is entitled to take an equivalent direct interest in the Santa Rosa Block, subject only to Argentinean government approvals.

Posted in BVI Holding Companies | No Comments »

BVI-registered hybrid hedge fund launched by NY fund manager

Thursday, January 1st, 2009

New York fund manager Castlestone Management is going to launch a new fund, Defensive Equity, which is planned to invest in a mix of managed futures and equity indices. The fund is planned to be launched at the end of January, in the status of an open-end offshore mutual fund, registered in the British Virgin Islands.

Castlestone anticipates the 40% distribution in global equity indexes, and 60% in managed futures hedge funds. The firm noticed that in the last two years, investing in  managed futures was one of the few strategies which continued to return healthy profits to investors.

Castlestone currently manages US$700 mln of total assets gold bullion, precious metals, commodity, stock indexes, currencies and hedge funds.

Posted in BVI Investment Funds, Investors' News | No Comments »

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