Varun Industries signs joint venture with Cluff Resources Pacific for exploration of gold projects in Southern Madagascar
Moneylife Digital Team 19 August 2010

Varun Industries Ltd said it has entered a joint venture with an Australian-based company Cluff Resources Pacific NL for exploration and development of gold, platinum and gem stone projects in Southern Madagascar.

According to Varun Industries, preliminary investigations have indicated the presence of alluvial sediments containing both gold and platinum. After initial evaluation, the focus of the joint venture would be to carry out a detailed mapping assessment of this area, with Cluff providing Australian geologists and applying its technology, said the company in a regulatory filing.

On Thursday, Varun Industries shares gained 3.8% to Rs143 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.1% up to 18,454 points.

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