Rumble Resources (ASX: RTR) has entered into a Subscription Agreement with Bain Resources Holdings (BRH), an associated company of the large Indian contractor, BGR Mining & Infra Limited (BGR).
Under the terms of the agreement BRH will subscribe a total investment of $1 million.
About BGR Mining and Infra Limited
BGR Mining & Infra Limited is headquartered in Hyderabad, India, and was founded in 1988 as an engineering contractor. Today, BGR is a major player in the Indian mining industry. It has executed more than 50 projects and currently has an order book of close to US$11 billion.
BGR has consolidated its services as one of the leading mining developers and operators (MDO) in India, with a keen focus on local issues, rest and recreational activities and the other inherent challenges in mining projects. BGR integrates design, planning and modern operation technologies for safer and more productive mines.
From open cast coal mining contracts to MDO projects in India and in Mozambique, BGR is committed to serving every region in the world. Having achieved steady growth over the years since its inception, BGR has now set its eyes on the global stage to deliver mission-critical projects in a timely manner.
“We are privileged to have one of the largest mining contractors in India, through an associate company, become a significant shareholder in Rumble,” Peter Harold, Rumble’s Managing Director and CEO, said.
“BGR Mining & Infra Limited (BGR) have been keen to expand their activities outside of India and we are delighted they have chosen to make a direct investment in Rumble.
“BGR are particularly interested in our Western Queen gold project for its near-term cash flow and resource growth potential. Western Queen sits on a mining lease, has existing resources of 163,000ozs averaging 2.4g/t and has historical production of 880kt at 7.6g/t for 215,000ozs.
“BGR are also interested in our Earaheedy zinc-lead- silver project, given the size of the 100% inferred resource, 2.2 million tonnes zinc, 700,000 tonnes lead and 12.6 million ozs silver2 and the potential for it to be a large scale, open pit mining and processing operation in the future.
“We look forward to a long and mutually beneficial relationship with BGR.’’