BEML Secures $6.23 Million Export Orders from CIS Region and Uzbekistan
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BEML Limited, a public sector company under India's Ministry of Defence, has secured two international contracts worth a combined USD 6.23 million, according to a regulatory filing. The deals include the supply of heavy-duty bulldozers to a country in the Commonwealth of Independent States (CIS) and a maiden order from Uzbekistan for high-performance motor graders.
The orders signal a strategic push by BEML to strengthen its foothold in global markets, particularly in mining and construction equipment. The company has long operated across three key verticals—construction and mining, rail and metro, and defence and aerospace—but these new export wins highlight a growing emphasis on its international reach.
"This is a significant win for BEML and a reflection of our growing global competitiveness. Our entry into the Uzbekistan market and continued success in the CIS region reaffirm our strategic vision to become a leading player in the international mining and defence markets," said BEML chairman and managing director Shantanu Roy, as quoted by PTI.
The contract from the CIS region marks a continuation of BEML's established presence there, while the Uzbekistan deal marks the company's first foray into that country. Both orders are positioned to support infrastructure development and mining operations in their respective regions.
The company has not disclosed the specific countries involved within the CIS bloc, but the total value of the combined contracts reflects a steady upward trajectory in its export performance. The deals also underscore India's intent to expand its state-run industrial footprint globally, especially in sectors where domestic manufacturing has matured.
The regulatory filing confirms that the orders are export-specific, reinforcing the company's commitment to scaling its international operations despite challenges in the global economic environment. BEML's expansion strategy appears aligned with broader government efforts to boost defence and heavy industry exports as part of India's "Make in India" initiative.
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Associated Press
an hour ago
- Associated Press
Formation Metals Expands Maiden Drill Program at the Advanced N2 Gold Project to Fully Funded 7,500 Metres
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Highlights: VANCOUVER, BC / ACCESS Newswire / July 6, 2025 / Formation Metals Inc. ('Formation' or the 'Company') (CSE:FOMO)(FSE:VF1)(OTCPK:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has elected to expand its maiden drill program at its N2 Gold Property ('N2" or the 'Property'), located 25 km south of Matagami, Quebec, to a fully funded 7,500 metres. The Company anticipates commencing on the program in July, having officially filed its Annual Exploration Work Notice ('Planification Annuelle Des Travaux d'Exploration') with the responsible municipal authorities for its upcoming 2025 exploration activities on June 17, 2025. This filing must be completed 30-days in advance of the commencement of fieldwork and ensures compliance with regulatory requirements and reflects the Company's continued commitment to transparency, community engagement, and responsible mineral exploration practices. The work program will focus on advancing key targets across Formation's Quebec-based properties. The 7,500 metres comprising Phase 1 is part of its planned 20,000 metre multi-phase drill program at N2, an advanced gold project with a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. 'We are very excited to commence our maiden drill program at N2" said Deepak Varshney, Chief Executive Officer of Formation. 'Filing the Annual Exploration Work Notice marked the final regulatory step as we prepare to commence field activities upon receipt of the ATI. Based on our on-going review and planning for Phase 1, we feel comfortable in expanding our maiden drill program to a fully funded 7,500 metres. We anticipate receiving the ATI permit shortly, allowing us to proceed with our exploration activities as scheduled.' Mr. Varshney continued: 'The summer is going to be a very exciting time as we embark on our fully funded maiden 7,500 metre drill program at N2. Given the scale of the property, the compelling geological data, and the Abitibi Greenstone Belt's established history as a hotbed for gold mining, we are hopeful that the program will deliver our goal of delivering a near-surface multi-million-ounce deposit at N2. We see the potential for a significant gold deposit at N2, and our maiden 7,500-metre drilling program will mark the beginning of Formation's pursuit of that goal. Our maiden program will focus on building on the successes of our predecessors. The drilling discoveries made by Agnico-Eagle and Cypress show the potential at N2. With gold at almost $3,400, over 4 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming quarter.' The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the 'A', 'RJ' and 'Central' zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date (Figure 1). Historical highlights from the top two priority zones include: The Company has retained Strategy Exploration Advisors ('Stratexplo'), an independent exploration consulting firm based out of Rouyn-Noranda, Québec, as the field operations manager for its planned 20,000 metre multi-phase drill program. Stratexplo crews will be responsible for conducting surface exploration at N2, including field logistics, sample collection and dispatch, geological mapping and interpretation, exploration targeting and advising as per National Instrument 43-101 collection and reporting guidelines. These responsibilities are in addition to Stratexplo's on-going work as the Company's permitting manager, where they recently facilitated Formation's submission for its Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN), and were responsible for the submission of its Planification Annuelle Des Travaux d'Exploration. The ATI submission was completed following discussions with all necessary parties and the Company anticipates receiving its ATI permit within the coming weeks, after which it intends on commencing its maiden drill program at N2. Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 877,000 ounces: 18.2 Mt grading 1.48 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~67,000 oz Au) across the RJ zone2,4. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling. There are two primary focuses for Formation: The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures (Figure 1), oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property. For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential. The Company is also pleased to announce a non-brokered listed issuer financing exemption (LIFE) private placement (the 'LIFEOffering') for up to 2,200,000 charitable flow-through units ('CFT Units') of the Company at $0.50 per CFT Unit, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions ('NI 45-106"), for gross proceeds of up to $1,100,000. Each CFT Unit will be comprised of one common share in the capital of the Company (a 'LIFECFT Share') and one common share purchase warrant (a 'LIFEWarrant'). Each LIFE Warrant will be exercisable to acquire one additional common share of the Company at an exercise price of $0.60 for a period of 24 months from the date of closing. Each LIFE CFT Share will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada). The LIFE CFT Units will be sold on a structured basis whereby the Company will issue the LIFE CFT Shares and LIFE Warrants comprising the LIFE CFT Units to purchasers purchasing as principals and/or to an agent for one or more disclosed principals; the LIFE CFT Shares and LIFE Warrants comprising the LIFE CFT Units will then immediately be sold to one or more back-end buyers. The LIFE CFT Units issued pursuant to the LIFE Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the 'Offering Document') relating to the LIFE Offering that can be accessed under the Company's profile at and on the Company's website ( ). Prospective investors in the LIFE Offering should read the Offering Document before making an investment decision. Concurrent with the LIFE Offering, the Company is completing a non-brokered private placement (the 'CFT 4MH Unit Offering' and, together with the LIFE Offering, the 'Offerings') of up to 2,298,850 units (each a 'CFT 4MH Unit') of the Company at $0.435 per CFT 4MH Unit, for gross proceeds of up to $1,000,000. Each CFT 4MHUnit will be comprised of one common share in the capital of the Company (a 'CFT 4MH Share') and one common share purchase warrant (a 'CFT 4MH Warrant'). Each CFT 4MH Warrant will be exercisable to acquire one additional common share of the Company at an exercise price of $0.60 for a period of 24 months from the date of closing. Each CFT 4MH Share will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada). The CFT 4MH Units will be sold on a structured basis whereby the Company will issue the CFT 4MH Shares and CFT 4MH Warrants comprising the CFT 4MH Units to purchasers purchasing as principals and/or to an agent for one or more disclosed principals; the CFT 4MH Shares and CFT 4MH Warrants comprising the CFT 4MH Units will then immediately be sold to one or more back-end buyers. All securities issued in connection with the CFT 4MH Unit Offering will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. Closing of the Offerings may take place in one or more tranches as determined by the Company and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval of the Canadian Securities Exchange. The Company may pay certain eligible finders a cash fee of up to 7% of the gross proceeds raised in respect of the Offerings from subscribers introduced by such finders to the Company. The Company may also issue to eligible finders such number of finder warrants (each, a 'Finder Warrant') as is equal to 7% of the number of LIFE Units or CFT 4MH Units sold under the Offerings to subscribers introduced by such finders to the Company. The Finder Warrants, to the extent they are issued, will entitle the holders thereof to acquire one (1) common share of the Company at a price of $0.60 per Share for a period of 24 months from the date of issuance. The Company intends to use the net proceeds of the Offerings for fieldwork at the Company's exploration projects and, in the case of the net proceeds from the LIFE Offering, as more particularly set out in the Offering Document. Qualified person The technical content of this news release has been reviewed and approved by Mr. Babak Vakili Azar, an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic. About Formation Metals Inc. Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~870,000 ounces (18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the 'A' zone, of which only ~35% of strike has been drilled (>3.1 km open), and the 'RJ' zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres. FORMATION METALS INC. Deepak Varshney, CEO and Director For more information, please call 778-899-1780, email [email protected] or visit Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Notes and References: Forward-looking statements: This news release includes 'forward-looking statements' under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the 2025 drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; the Company's anticipated timeline with respect to the Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN); the Company's view that the Property has the potential for over three million ounces of gold; the 7,500-metre drilling program marking the beginning of the Company's pursuit of that goal; and statements respecting the Offerings and the expected use of proceeds therefrom. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. No Offer or Solicitation to Purchase Securities in the United States This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the 'Securities Act'), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act ('Regulation S'), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. SOURCE: Formation Metals press release
Associated Press
an hour ago
- Associated Press
HD Hyundai to Transplant 'Korean Shipbuilding DNA' into India
SEOUL, South Korea , July 5, 2025 /PRNewswire/ -- HD Hyundai is joining forces with India's largest state-owned shipyard to strengthen its influence in the Indian and global markets. HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company overseeing HD Hyundai's shipbuilding operations, announced on Sunday, that it has signed a comprehensive Memorandum of Understanding (MOU) with Cochin Shipyard Limited (CSL), India's largest state-owned shipbuilder, to establish long-term cooperation in the shipbuilding sector. CSL, with its main yard located in the southern Indian state of Kerala, Kochi, is the largest shipbuilding yard in India, with the Indian government holding a 67.91% stake. The company has extensive capabilities in the design, construction, and repair of a wide range of vessels, from commercial ships to aircraft carriers. Over the past five years, CSL has successfully delivered a total of 70 vessels, including 60 small commercial ships and 10 naval vessels. Through this agreement, the two companies will pursue strategic cooperation across a range of areas, including design and procurement support for CSL, technical collaboration to enhance productivity and ensure global-quality standards, and the advancement of workforce capabilities through improved training systems. In particular, both parties have agreed to jointly explore new shipbuilding orders in the Indian and international markets. The partnership aligns with India's maritime development roadmaps, including the 'Maritime India Vision 2030' and the 'Maritime Amrit Kaal Vision 2047,' both announced by the Indian Ministry of Ports, Shipping & Waterways to foster growth in the maritime industry. In support of these visions, India established a Maritime Development Fund worth approximately INR 250 billion (KRW 4 trillion) this year and is expanding policy support to strengthen its domestic shipbuilding sector and maritime infrastructure. India's shipbuilding industry has witnessed rapid growth in recent years. According to market research firm Ken Research, the country's shipbuilding and repair market, valued at approximately USD 90 million in 2022, has surged to over USD 1.12 billion by 2024, a more than twelvefold increase. The market is expected to continue expanding at an average annual growth rate exceeding 60% until 2033. Through this partnership, HD Hyundai aims to strengthen its presence in the Indian market, the world's most populous country, while further enhancing its global competitiveness in the shipbuilding industry. 'This collaboration will serve as a springboard for both HD Hyundai and CSL to reach new heights, while also marking a turning point in accelerating India's national maritime vision,' said an HD Hyundai official. 'By leveraging HD Hyundai's accumulated technological expertise and experience, we will support CSL in enhancing its global competitiveness, while also seeking opportunities for shared growth with Korean equipment suppliers.' Meanwhile, HD Hyundai is actively expanding its global collaboration network beyond India. In April, the company signed an MOU with Huntington Ingalls Industries, the largest defense shipbuilder in the United States, followed by a strategic partnership agreement with Edison Chouest Offshore in June. In addition, HD Hyundai has been accelerating efforts to create synergies in the global shipbuilding sector by expanding defense cooperation, such as joint submarine development, with Peru's state-run SIMA shipyard in November of last year. View original content to download multimedia: SOURCE HD Hyundai
Yahoo
an hour ago
- Yahoo
Birkenstock cracks down on fakes in India, court-ordered factory visits held, sources say
By Arpan Chaturvedi NEW DELHI (Reuters) -Indian court-appointed legal representatives inspected small-scale factories in recent weeks to seize suspected counterfeit Birkenstock footwear, after the German brand launched an infringement lawsuit, people familiar with the matter said. Birkenstock's case is occurring around the same time other shoemakers are in the news in India. Crocs this month secured a court nod to pursue a nine-year-old infringement case, while Prada is facing heat over showcasing sandals similar to ethnic Indian footwear without initially giving credit to India. Reuters is first to report the Indian case details related to Birkenstock sandals, which have evolved from a counterculture symbol to a trendy fashion item, and are also popular in India. In May, Birkenstock filed an infringement lawsuit in the Delhi High Court against four footwear traders, four factories and two unnamed individuals. Its complaint stated an internal investigation found counterfeits were being made in rural areas in and around the tourist hub of Agra, and sold locally and exported to other countries. On May 26, Delhi judge Saurabh Banerjee issued a confidential order that was only made public on the court's website last week. It said 10 local lawyers were appointed as commissioners to visit the suspected factories. The judge said commissioners can "seize, pack and seal the infringing products", and his order included photographs that Birkenstock submitted showing the alleged counterfeit footwear and shoe boxes with the company's branding. The visits have been completed and reports were submitted confidentially to the judge, the three people familiar with the matter said on Saturday, asking to remain unidentified. The next hearing in the case is set for October 6. The visits were conducted in Agra, home to the Taj Mahal, and in India's capital New Delhi, the people said, declining to give further details from their inspection. Birkenstock did not respond to queries from Reuters and its lawyers from Delhi-based law firm Lall and Sethi declined to comment, citing the pending legal case. In his May order, Banerjee said he reviewed photographs and samples of the alleged counterfeit products in court, and they "seem like a cheap knock off" of Birkenstock products. "There is all likelihood of the public getting deceived ... The differences, hardly if any, are not something which can be discernable to the naked eyes," he wrote. Once popular with hippies, tech enthusiasts and medical professionals, Birkenstock gained widespread attention after Australian actress Margot Robbie wore a pair of pink Birkenstocks in the final scene of the 2023 hit movie "Barbie". In February, a German court said Birkenstock sandals do not qualify as art and are therefore not protected by copyright, dismissing a lawsuit brought by the German company. In India, Birkenstock footwear for women is priced between $46 and $233.
