Friday, June 22, 2012

Mineseeker completed joint venture formalities in South Africa

British Virgin Islands-based company Mineseeker Operations has completed all the necessary joint venture agreements with its South African partner MMRR Risk Management. As a result of this, Mineseeker Operations South Africa has been established, which is fully compliant with the corporate legal framework in South Africa.

Now the BVI company will move forward with the next steps in contract negotiations for minefield surveys with the South African and Angolan governments.

By words of Mineseeker Commercial Director, Mark Dorey, all the formalities and necessary documentation for the joint venture have now been completed, while the Memorandum of Understanding was signed in March of this year, after a series of negotiations. 74 per cent of the joint venture is held by Mineseeker, and 26 per cent is owned by local partners of the BVI company, in accordance with South African Black Economic Empowerment regulations that govern the corporate structural requirements of foreign joint venture partners. Mineseeker will issue a comprehensive corporate release to inform shareholders and investors on the progress.