Tuesday, August 26, 2008

RMMI: Moving faster to stay ahead

Thanks to the world-wide boom in commodity prices, mining and metals majors are scouting for hot investments, be it in Africa, India, Indonesia or China. RAK Minerals and Metals Investment (RMMI), established under the Ras Al Khaimah Investment Authority (RAKIA), is no exception.

Earlier this year RMMI made two prized acquisitions one at Congo where it has acquired a copper mine and the other a mining firm in Armenia. Not to speak of the much wider understanding RAKIA has established with South Sumatra province of Indonesia where RAKIA entered into an MoU that covers the entire mining-to-export chain of coal industry that transcends beyond the industry verticals and looks at developing and supporting other possible industries.

The Province of South Sumatra, which holds the largest resources of coal in Indonesia, aims to capitalise its strategic location and get the full benefits from its natural resources and agriculture-based economy to induce social and economic growth in the region by attracting investments in the minerals/ore processing industry, agro-businesses, bio-technology industries and oil and gas refineries.

In April this year, RMMI has acquired 7.24 per cent stake in Thailand's Padaeng Industry Pubic Company Ltd, the only producer of high quality zinc in South East Asia which has enabled Madhu Koneru, managing director of RMMI and executive director of Trimex International, to earn a place in the Padaeng director board. The unique strength of RMMI in a very crowded and competitive global mining and metals industry is the unique forging of ties between RAK Ceramics and Trimex, a multi-national minerals conglomerate providing turnkey industrial and mineral solutions. RAK Ceramics and Trimex hold 50 per cent share each in the venture that was floated in 2006.

“RAK Ceramics and Trimex have a long history, both in the Gulf and in the mineral industry. The companies share several managerial and operational synergies that have developed into a history of successful collaboration, which has in turn naturally progressed into a joint venture,” according to Madhu Koneru, managing director of RMMI.

Madhu Koneru , a graduate in commerce from the Delhi University, started his career with the Trimex Group, his own family concern in 1992 as a trainee. Three years later he was appointed general manager and became the company's executive director in 1996. During this time, he has also been a member of the boards of directors of Al Ghanem Industrial Company, Kuwait, and TJ Shipping and Logistics.

In his role as managing director of RMMI on behalf of Trimex, Madhu is focused on building RMMI into a world-leading mining solutions provider in the metals and minerals industry.
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