The small mining town of Sumba Island will be jolted from its slumber when Mining conglomerate PT SRAM MRAM and the King of Sumba Island through his venture PT Arta Sumba will be signing a Joint Venture association agreement for upliftment of the socio-economic condition of the island by bringing in job opportunities to help the local population grow economically and socially.
SRAM & ARTA SUMBA have joined hands for mining the Galena ore in Sumba Island, Eastern Indonesia, belonging to ARTA SUMBA spread across 24,000 hectares. SRAM will bring its technological expertise and financial muscle to help mine the ore and produce over 10,000 MT of Lead every month. With increasing worldwide demand for lead which is the primary ingredient of Galena and the source for Lead Batteries, the timing is the most appropriate. Galena also has traces of gold and silver which if extracted profitably could add to the topline and bottomline of the company.
S L HIRANANDANI, Chairman of PT SRAM MRAM, says, “The Indonesian people have been showering their largesse on us and its become our endeavours as a large corporation to return back to the society a portion of the largesse received by us in both economic and social fronts. Hence, we have decided to put up a refining plant in SUMBA. All the manpower requirements will be met locally to ensure we provide job opportunities for the local community.”
The king of Sumba, His highness UMBU YAIDER says, “We hope that this association would help the local community which is dependent on the mining business for its survival. We are very happy to be associated with SRAM. We expect SRAM to put up a beachfront resort which could add to the economic upliftment of the island.”
Mr.Hiranandani and his highness Umbu Yaider were very appreciative of the efforts put in by Mr.Tilakpati and Mr.Dilip in ensuring the success of this deal. Mr.Tilak with his financial acumen and Mr.Dilip with his metallurgical expertise shall ensure the smooth functioning of this venture. Ms.Mary Mam and Ms.Regina Tekla will be managing the administrative aspects of the deal.
Mr.Hiranandani and his highness Umbu Yaider were very appreciative of the efforts put in by Mr.Tilakpati, CFO and Mr.Dilip, Director-Metallurgy Division, in ensuring the success of this deal. Their untiring efforts have helped in the culmination of the deal. Mr.Tilak and Mr.Dilip, both shareholders of the company, will be ensuring the smooth functioning of this venture.
Associate Director of PT SRAM, Mr.Mahendra Joshi, felt that this is just the beginning of a huge opportunity for both the small town of Sumba and SRAM and hope this association will lead to a symbiotic relationship beneficial to all.
Mr.Manoj Todi, the single largest shareholder of SRAM feels that the overall topline and bottomline of the company will improve substantially with the acquisition of these mines and feels that this association will have longstanding benefits for the company.
“This is a momentous occasion and we are proud to be a part of it. This initiative will bring long term economic development not only to Sumba island but also to the entire Eastern region of Indonesia,” said Ms.Mary Mam, Director and shareholder, SRAM.
Ms.Regina Tekla, shareholder and administrative director will be managing the administrative aspects of the venture.