Siba Ships (Italia) buys into mining firm
Italian bulk and livestock shipping group Siba Ships has taken a stake in the A$10m Pearl Resource Fund, launched by Australian sister company Wellard Group Holding. The fund will invest seed capital in exploration and mining projects in Australia, South East Asia and Africa. Mauro Balzarini, CEO of Siba Ships, said: "This is a very logical diversification for us, as mining will feed through to the provision of cargoes for our growing bulk fleet. We entered shipping because as livestock traders we wanted to have safe, modern tonnage to move our livestock. Then we diversified into bulk shipping, where we now have the safe, modern tonnage charterers need. It is only logical for us to diversify further by going into the sector that provides cargo for our new ships."