Varun Cluff International SARL is a joint venture between Varun SARL, Madagascar and Torian Resources NL (formerly named Cluff Resources Pacific NL), established in November 2010 for the exploration and development of profitable mining projects for platinum, gold and precious stones.
Key features of the JV are:
Varun Madagascar owns permits, licenses and leasehold rights for mining gold, platinum and other precious stones in certain regions of Madagascar like Ranapiso, Fort Dauphin, Ankaramena and Ihosy.
Torian Resources NL, registered in Sydney and listed on the Australian Stock Exchange, has extensive experience in the mining of gold and precious stones, and in terms of the JV Agreement has committed to meet 75% of the exploration expenditure, and also to organize the complete financial resources required for the exploitation. Torian Resources NL is entitled to a 35% share of revenues and the balance 65% will be shared by Madagascar Energy Corporation SARL.
In the above agreement the exploration, exploitation and marketing of the gold, platinum and precious metals are all covered.
The agreement is expected to result in substantial gain for both Varun Industries Limited and Torian Resources NL, taking both participants to new heights of value creation.
Varun Energy Corporation, Madagascar (a group company of Varun Industries Ltd) has entered an MOU with a PSU under Department of Atomic Energy, (A Government of India undertaking) to sell entire heavy mineral concentrate like Ilmenite, Rutile, Leucoxene, Monazite (rare earth), Zircon, Sillimanite and Garnet.