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ASF Group Advances Gold Coast Integrated Resort Development

ASF Group (ASX:AFA) is continuing to advance its application for its Gold Coast cruise ship terminal and integrated resort development to address the Queensland Government's requirements and local community support.

As the next phase of the Project begins, AFA will engage with the local community about the project and the benefits and jobs it can bring to the Gold Coast.

The current focus of ASF Consortium is to determine the project design in the revised project area.

Over the past few months, AFA has commissioned a range of studies to identify gaps in available technical and environmental information to ensure information needed to commence the next stage of project assessment and approvals.

Some of this includes modelling of tidal flows to show reduced flooding impact, traffic modelling, ferry terminal logistics and marine modelling to future proof the cruise ship terminal location.

AFA has also identified a need for more environmental studies such as migratory bird count and a better understanding of the dugong population.

Project Director for ASF Consortium, Allan Fife added:

"It is a long road ahead with a significant upfront commitment from the ASF Consortium.

We remain committed and focused to thoroughly addressing both community feedback and government conditions as we move into the next phase of the integrated resort application process."

Broadwater, a multi-billion integrated resort, cruise ship terminal, marina, retail entertainment, hospitality, community open space, recreation facility and residential development, could create 1300 construction jobs and more than 10,000 ongoing operational jobs.

It is also expected to boost tourist visitation to what is already Australia's leading holiday destination.

Unique ASX Company

AFA is unique among ASX-listed public companies in Australia.

It is a Sino-Australian investment and trading house which focuses principally on the identification, incubation and realisation of opportunities in areas of synergy between China and Australia.

These include ventures involving oil and gas, resources, property, infrastructure, travel and financial services.

AFA retains a 16.1% interest in mineral explorer ActivEx (ASX:AIV) which holds a portfolio of exploration projects focused on copper and gold across Queensland and one advanced potash project in Western Australia.

AFA has a 68.205% stake in Civil & Mining Resources through its 53.69%-owned subsidiary ASF Resources.

Civil & Mining Resources in April started a metallurgical coal exploration program at the strategically located Cracow Project in the eastern Bowen Basin, Queensland.

Cracow is located close to Anglo American's Dawson Mine that produces more than 9 million tonnes per annum of coking, soft coking and thermal coal, using open cut and highwall mining methods.

It is located 20 kilometres southeast of the Moura Rail System that currently services the Dawson Mine Complex and transports coal 184 kilometres to the coal terminals in the Gladstone Region.

The company also holds a 20.5% interest in Rey Resources (ASX:REY) and a 19.9% stake in Key Petroleum (ASX:KEY), who are drilling the Dunnart-2 oil exploration well in Western Australia's North Perth Basin.

It also holds 2.2 million shares in Omnitech Holdings (ASX: OHL), an investment holding company.

ASF has base metal tenements in Tasmania following its acquisition of Austin Resources and ASF Copper from Profit Achieve Holdings in March, as well as 27 Exploration Permits in Queensland.


AFA's development of the Broadwater resort and cruise ship terminal is a large scale undertaking with its consortium partners.

The company recently raised $10 million via a fully underwritten rights issue at $0.18.

That it was underwritten by the three largest shareholders is a strong sign of their perception of potential upside in share price and market valuation.

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