Viagold Mining and Smart Triumph to establish mining equipment cooperation company

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Image credit: www.FreeDigitalPhotos.net

Viagold Mining Group, a wholly owned subsidiary of Viagold Capital Ltd, has entered into a Memorandum of Understanding (MoU) with Smart Triumph Group Holdings Ltd for the establishment of a mining equipment cooperation company which will engage in the mining machinery and equipment leasing business and provide related corporate management and investment consultancy services.

Image credit: www.FreeDigitalPhotos.net
Image credit: www.FreeDigitalPhotos.net

The agreement will see Viagold invest HK$700,000 and hold 70% equity interest in the new company, while Smart Triumph will contribute HK$300,000 and hold a 30% stake in the business.

According to the ASX announcement, Viagold will be responsible for the supervision of financial and business management of the new cooperation company, while Smart Triumph will oversee the market planning and daily management segments of the business.

Smart Triumph is a wholly owned subsidiary of Future Bright Mining Holdings Ltd, a marble mining company focusing on the development of its flagship Yiduyan Project in Hubei province of China.

Adertisement

The company intends to expand its industrial facilities in rare earths and non-ferrous metals industry through the proposed establishment of a JV with Viagold Capital Ltd’s subsidiary.

Viagold Capital said the MoU for strategic cooperation between the two parties did not have any legal binding.

“Should both parties reach a formal agreement through mutual consultation, it will strengthen the supporting system of the company’s rare earth industrial chain and bring further development and investment opportunities to the company,” reads the announcement.