03 May '11, 5pm

REDD project developer Carbon Conservation partly acquired by mining company: East Asia Minerals

REDD project developer Carbon Conservation partly acquired by mining company mongabay.com May 03, 2011 East Asia Minerals Corporation, an Asian mining company, has acquired a 50% stake in Carbon Conservation, a Australian company that developed one of the world's first forest conservation projects funded by carbon credits, for $500,000, according to a press release from the mining company. East Asia Minerals, which is listed on the Toronto Stock Exchange, operates gold and gold-copper mines in Aceh Province on Sumatra and Sangihe Island off North Sulawesi. It also owns seven uranium properties and two phosphate properties in Mongolia. East Asia Minerals says the investment will fund a 'green' mining project. "The Company will develop a 'green' mining project which will use carbon and biodiversity offsets and the latest in environmentally friendly mining practices," East As...

Full article: http://news.mongabay.com/2011/0503-carbon_conservation.html

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