AIM Exploration partners with Prina Energy for Dubai joint venture
The venture will be set up in the DMCC Free Trade Zone in Dubai -- the largest free trade zone in the United Arab Emirates. The companies will split the venture at a 50 percent ownership rate. Karan Dhaliwhal, president of Prina Energy, will be the CEO of the joint venture company, which is likely to be called AIM Exploration, Dubai.
AIM believes that the partnership will give them strong ties to the world market for anthracite.
“This the most positive and strategic move to be made by AIM, positioning AIM to move forward to become one of the strongest suppliers of anthracite coal worldwide,” AIM CEO Bob Todhunter said.
Prina Energy, a privately held international trading company, is a leader in Asia for international mineral and natural resource trading. It is active in a wide array of markets and has strong ties to the marketplace of India -- the number one emerging market for anthracite coal.
Anthracite, a unique and rare metallurgical coal, is used in the manufacturing and processing of steel and metal.