Iris in JV to acquire NZ mine

PETALING JAYA: Technology firm Iris Corp has entered into a shareholders’ agreement to form Plaman Resources to acquire out of voluntary administration Featherston Resources for RM14.53mil.

The joint venture (JV) was formed with Burleigh Nominees, the agent for Helaint Pty Ltd ATF Manolas Group Family Trust and Asini Investment Corp Pty ATF Plakidis Group Family Trust, the two partners in the JV company.

Iris would have a 70% stake in the JV with the other two partners each with 15% stakes.

Iris is proposing to invest a total sum of A$13mil in Plaman, of which a portion would be used to acquire Featherston and the rest for working capital funding including both operational and marketing expenses.

Featherston’s principal asset comprises a mining permit on an area with six million tonnes of black and white diatomite together with an exploration permit with probable reserves of 50 million tonnes of diatomite located in central Otago, New Zealand.

Diatomite is used as a base to create natural and organic fertiliser that are non-toxic, remediate soils and unlock marginal land.

Iris said in an announcement to Bursa Malaysia that the company has the knowledge, the network and the capability to market diatomite for agricultural use given that its agro division utilises a high technology fertigation farming method, a “waste-to-fertiliser” plant in Weinan, China and the potential to market this fertiliser to China and to Malaysia.

“The company, with Felda as its largest shareholder, hopes to be able to sell the diatomite to Felda’s related companies engaged in oil palm plantations. Further, Iris has international operations in more than 20 countries throughout Asia and Africa. 

It can facilitate access to the fertiliser market in these countries,” it added.