Deepak Fertilisers & Petrochemicals Corporation’s wholly owned subsidiary - Smartchem Technologies (STL), India’s leading manufacturer of mining chemicals, as a part of its forward integration initiative, has incorporated ‘Platinum Blasting Services’ as its overseas venture for Mining Services in Brisbane, Australia.
Platinum Blasting Services is a joint venture (JV) with local Australian partners, who have vast experience in providing value added blasting services and operation expertise to the mining and explosives industries in Australia. STL will hold 65% while the local partners will hold 35% in the joint venture. The local partners collectively bring over 80 years of domain knowledge to the venture.
Over the next two years, Platinum Blasting Services intends to make an investment of around AUD 28 million through a mix of debt and equity. Australia, which is an approximately 2 million tons per annum of expanding TAN market, will offer immense growth potential to Platinum.
Platinum Blasting Services plans to develop a full service offering including - Technical Ammonium Nitrate (TAN) supplies; Storage and logistics; Manufacturing of Emulsion; Blast design and technical support; and Down-the-HoIe services.