AIM Exploration has announced an agreement with Prina Energy
to develop a joint venture company in Dubai that will have exclusive worldwide
marketing rights for all anthracite coal produced through AIM.
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.
