Latest news with #Sparton
Yahoo
30-05-2025
- Business
- Yahoo
Sparton Announces Closing of Sale of a 25 Per Cent Interest in Bruell Gold Project Claims, Quebec
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (SRI: TSX-V) (the 'Company') is pleased to announce that the Company and Eldorado Gold Corporation ('Eldorado') have closed an agreement, effective May 29, 2025, whereunder Eldorado acquired the Company's remaining 25% interest in the Bruell Gold Project 51 claim property in Vauquelin township, Quebec. (The Company and Eldorado are referred to jointly herein as 'the Parties'.) All dollar figures stated are in Canadian Dollars. The Option Agreement for the Bruell Property was originally entered into by the Parties in 2019 and has subsequently been amended to accommodate work programs and negotiate transaction terms. The Parties reached an agreement on November 24, 2024, to amend the agreement, whereby Sparton's 25% interest in Bruell could be purchased by Eldorado for $275,000 plus a 2% Net Smelter Return Royalty ('NSR'). The original option set out in the agreement allowed for the remaining 25% interest to be purchased for $1.8 million plus an annual cost of living increase, and the granting of a 2% Production NSR with a buyout of 50% percent of this NSR for $2.5 Million dollars at any time. As a result of this transaction, Eldorado will now own 100% of the Bruell Gold Project, and Sparton will retain the Production NSR as above. Given the state of the junior exploration sector and the current Company share price, the Board made the decision to forego future participation costs related to the exploration and development on the Bruell property, where the timing is not within its control, in order obtain cash to meet current commitments and pursue opportunities on its wholly owned critical mineral and precious metals properties and for general corporate purposes. For More Information contact: A. Lee Barker, President and CEO Tel.: +1 647-344-7734 Fax: +1 647-344-7734 Mobile: +1 416-716-5762 E-mail: info@ SPARTON RESOURCES INC. Company website: Listed: TSX Venture ExchangeTrading Symbol: SRI We Seek Safe Harbour Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
The Print
19-05-2025
- Business
- The Print
Adani partners with Sparton to develop anti-submarine warfare solutions
The partnership aims to localise the assemblage of sonobuoys and other ASW systems in India under the 'Aatmanirbhar Bharat' initiative. Adani Defence & Aerospace has signed a binding collaboration agreement with Sparton (DeLeon Springs LLC) to assemble anti-submarine warfare (ASW) solutions for the Indian Navy, it said in a statement. New Delhi, May 18 (PTI) Billionaire Gautam Adani's group has signed a deal with a US undersea warfare company Sparton to develop electronic sensors and navigation systems that could be used for anti-submarine warfare, the conglomerate said on Sunday. It will be the first private company in India to offer indigenous Sonobuoys solutions to the Indian Navy. Headquartered in De Leon Springs, Florida, Sparton develops, produces and supplies electronic systems to support undersea warfare for the US Navy and allied military forces. The firm was, in December 2020, acquired by Israeli defence electronics company Elbit Systems Ltd. Prior to the current deal, the Adani Group had in 2018 set up a joint venture partnership with Israeli weapons giant Elbit Systems to manufacture lethal Hermes 900 drones. In 2020, Adani-Elbit announced 'mini' drone missile weapons production. Adani Group has also partnered with Israel Weapon Industries to manufacture assault weapons, sniper rifles and machine guns. In a statement on Sunday, Adani Defence & Aerospace said it 'has signed a binding collaboration agreement with Sparton (DeLeon Springs LLC), a group company of Elbit Systems and a leading provider of advanced anti-submarine warfare systems. This partnership marks a significant step toward localising the assembly of complex electronic systems and advanced Anti-Submarine Warfare (ASW) solutions for the Indian and global markets'. The partnership will combine Sparton's pioneering ASW technology with Adani Defence's established expertise in development, manufacturing, and sustenance for the Indian Navy. Sonobuoys are mission-critical platforms for enhancing Undersea Domain Awareness (UDA), providing an effective means to detect, locate, and track submarines and other underwater threats. Playing a key role in anti-submarine warfare (ASW) and other naval operations, they support in maintaining naval security and protecting carrier strike groups. Sparton manufactures electronic sensor systems, navigation systems, and undersea warfare delivery systems. 'For decades, India has been importing this critical naval capability from global markets, increasing our dependence on foreign OEMs. Aligned with the 'Aatmanirbhar Bharat' and 'Make in India' initiative, Sparton's ongoing relationship with the Indian Navy will now facilitate Adani Defence to indigenise the delivery of these solutions that are made in India, for India,' the statement said. Jeet Adani, Vice President of Adani Enterprises, remarked, 'In an increasingly volatile maritime environment, strengthening India's undersea warfare capabilities is not merely a strategic priority but an imperative for safeguarding sovereignty and national interests. The Indian Navy requires integrated, mission-ready ISR and anti-submarine warfare capabilities, including critical systems like sonobuoys, that are indigenously developed, swiftly deployable, and globally competitive. 'Through this partnership with Sparton, Adani Defence & Aerospace becomes the first private company in India to offer indigenised sonobuoy solutions, enabling access to advanced technologies while fostering a future-ready, self-reliant defence ecosystem. This initiative reflects our Group's vision of empowering India's armed forces with world-class capabilities that are designed, developed, and delivered in India, for India and the world.' Adani Defence is a unit of Mumbai-listed Adani Enterprises Ltd. Ashish Rajvanshi, CEO, Adani Defence & Aerospace, said: 'For decades, India has been dependent on imports for such critical technology. This partnership to bring world-class sonobuoy technology and integrate it with India's defence ecosystem is a step towards building self-reliant capabilities in this critical domain'. Donnelly Bohan, President and CEO, Sparton DeLeon Springs LLC, added, 'Sparton has a long legacy for problem solving, advanced engineering and manufacturing of America's best maritime defence solutions. We are proud to partner with Adani Defence & Aerospace to bring our proven anti-submarine warfare (ASW) technologies to India. This partnership will enable us to localise assemblage, create high-technology skill sets, and deliver reliable ASW solutions tailored to the India Navy's needs'. PTI ANZ BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India.com
19-05-2025
- Business
- India.com
Gautam Adani to make India stronger, ‘made in india' anti-submarine warfare will be deployed in…, signs big deal with…
Gautam Adani- File image To strengthen India's maritime security, Adani Defence & Aerospace announced a partnership with the American company Sparton on May 18. Sparton, a group company of Elbit Systems, will now assist Adani in assembling Anti-Submarine Warfare (ASW) systems in India. Under this partnership, Sonobuoys and other anti-submarine warfare systems will be manufactured in India. This initiative is taken under Aatmanirbhar Bharat (Self-Reliant India) and Make in India schemes. For the first time, a private Indian company will provide the Navy a domestically-produced Sonobuoy solutions. The partnership aims to localise the assemblage of sonobuoys and other ASW systems in India under the 'Aatmanirbhar Bharat' initiative. Sonobuoys are mission-critical platforms for enhancing Undersea Domain Awareness (UDA), providing an effective means to detect, locate, and track submarines and other underwater threats. Playing a key role in anti-submarine warfare (ASW) and other naval operations, they support in maintaining naval security and protecting carrier strike groups. Sparton manufactures electronic sensor systems, navigation systems, and undersea warfare delivery systems. 'For decades, India has been importing this critical naval capability from global markets, increasing our dependence on foreign OEMs. Aligned with the 'Aatmanirbhar Bharat' and 'Make in India' initiative, Sparton's ongoing relationship with the Indian Navy will now facilitate Adani Defence to indigenise the delivery of these solutions that are made in India, for India,' the statement said. Jeet Adani, Vice President of Adani Enterprises, remarked, 'In an increasingly volatile maritime environment, strengthening India's undersea warfare capabilities is not merely a strategic priority but an imperative for safeguarding sovereignty and national interests. The Indian Navy requires integrated, mission-ready ISR and anti-submarine warfare capabilities, including critical systems like sonobuoys, that are indigenously developed, swiftly deployable, and globally competitive. 'Through this partnership with Sparton, Adani Defence & Aerospace becomes the first private company in India to offer indigenised sonobuoy solutions, enabling access to advanced technologies while fostering a future-ready, self-reliant defence ecosystem. This initiative reflects our Group's vision of empowering India's armed forces with world-class capabilities that are designed, developed, and delivered in India, for India and the world.' Adani Defence is a unit of Mumbai-listed Adani Enterprises Ltd. Ashish Rajvanshi, CEO, Adani Defence & Aerospace, said: 'For decades, India has been dependent on imports for such critical technology. This partnership to bring world-class sonobuoy technology and integrate it with India's defence ecosystem is a step towards building self-reliant capabilities in this critical domain'. Donnelly Bohan, President and CEO, Sparton DeLeon Springs LLC, added, 'Sparton has a long legacy for problem solving, advanced engineering and manufacturing of America's best maritime defence solutions. We are proud to partner with Adani Defence & Aerospace to bring our proven anti-submarine warfare (ASW) technologies to India. This partnership will enable us to localise assemblage, create high-technology skill sets, and deliver reliable ASW solutions tailored to the India Navy's needs'. (With Inputs From PTI)
The Hindu
18-05-2025
- Business
- The Hindu
Adani partners with Sparton to develop anti-submarine warfare solutions
Billionaire Gautam Adani's group has signed a deal with a U.S. undersea warfare company Sparton to develop electronic sensors and navigation systems that could be used for anti-submarine warfare, the conglomerate said on Sunday. Adani Defence & Aerospace has signed a binding collaboration agreement with Sparton (DeLeon Springs LLC) to assemble anti-submarine warfare (ASW) solutions for the Indian Navy, it said in a statement. The partnership aims to localise the assembly of sonobuoys and other ASW systems in India under the 'Atmanirbhar Bharat' initiative. It will be the first private company in India to offer indigenous sonobuoy solutions to the Indian Navy. Headquartered in De Leon Springs, Florida, Sparton develops, produces and supplies electronic systems to support undersea warfare for the U.S. Navy and allied military forces. The firm was acquired in December 2020 by the Israeli defence electronics company Elbit Systems Ltd. Prior to this deal, the Adani Group had, in 2018, established a joint venture partnership with Israeli weapons giant Elbit Systems to manufacture lethal Hermes 900 drones. In 2020, Adani-Elbit announced production of 'mini' drone missile weapons. Adani Group has also partnered with Israel Weapon Industries to manufacture assault weapons, sniper rifles, and machine guns. 'Significant step' In a statement on Sunday, Adani Defence & Aerospace said it "has signed a binding collaboration agreement with Sparton (DeLeon Springs LLC), a group company of Elbit Systems and a leading provider of advanced anti-submarine warfare systems. This partnership marks a significant step toward localising the assembly of complex electronic systems and advanced anti-submarine warfare (ASW) solutions for the Indian and global markets". The partnership will combine Sparton's pioneering ASW technology with Adani Defence's established expertise in development, manufacturing, and sustainment for the Indian Navy. Sonobuoys are mission-critical platforms for enhancing Undersea Domain Awareness (UDA), providing an effective means to detect, locate, and track submarines and other underwater threats. Playing a key role in anti-submarine warfare (ASW) and other naval operations, they support in maintaining naval security and protecting carrier strike groups. Sparton manufactures electronic sensor systems, navigation systems, and undersea warfare delivery systems. 'For decades, India has been importing this critical naval capability from global markets, increasing our dependence on foreign OEMs. Aligned with the 'Atmanirbhar Bharat' and 'Make in India' initiatives, Sparton's ongoing relationship with the Indian Navy will now facilitate Adani Defence to indigenise the delivery of these solutions that are made in India, for India,' the statement said. 'Indigenously developed' Jeet Adani, Vice President of Adani Enterprises, remarked, 'In an increasingly volatile maritime environment, strengthening India's undersea warfare capabilities is not merely a strategic priority but an imperative for safeguarding sovereignty and national interests. The Indian Navy requires integrated, mission-ready ISR and anti-submarine warfare capabilities, including critical systems like sonobuoys, that are indigenously developed, swiftly deployable, and globally competitive.' 'Through this partnership with Sparton, Adani Defence & Aerospace becomes the first private company in India to offer indigenised sonobuoy solutions, enabling access to advanced technologies while fostering a future-ready, self-reliant defence ecosystem. This initiative reflects our Group's vision of empowering India's armed forces with world-class capabilities that are designed, developed, and delivered in India, for India and the world.' Adani Defence is a unit of Mumbai-listed Adani Enterprises Ltd. Ashish Rajvanshi, CEO of Adani Defence & Aerospace, said, 'For decades, India has been dependent on imports for such critical technology. This partnership to bring world-class sonobuoy technology and integrate it with India's defence ecosystem is a step towards building self-reliant capabilities in this critical domain.' Donnelly Bohan, president and CEO of Sparton DeLeon Springs LLC, added, 'Sparton has a long legacy of problem solving, advanced engineering, and manufacturing of America's best maritime defence solutions. We are proud to partner with Adani Defence & Aerospace to bring our proven anti-submarine warfare (ASW) technologies to India. This partnership will enable us to localise assembly, create high-technology skill sets, and deliver reliable ASW solutions tailored to the Indian Navy's needs.'
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Business Standard
18-05-2025
- Business
- Business Standard
Adani partners with Sparton to develop anti-submarine warfare system
Gautam Adani's group subsidiary Adani Defence & Aerospace has entered into a binding collaboration agreement with Sparton (DeLeon Springs LLC), a subsidiary of Elbit Systems known for its advanced Anti-Submarine Warfare (ASW) systems, the conglomerate said on Sunday. This partnership aims to manufacture sophisticated electronic and ASW systems in India for both domestic and international markets. Jeet Adani, Vice-President of Adani Enterprises, said, 'The Indian Navy requires integrated, mission-ready ISR and anti-submarine warfare capabilities, including critical systems like sonobuoys, that are indigenously developed. This initiative reflects our Group's vision of empowering India's armed forces with world-class capabilities that are designed, developed and delivered in India, for India and the world.' Through this alliance, Adani Defence & Aerospace becomes the first private Indian company to offer indigenously developed sonobuoy solutions. Sonobuoys are specialised, deployable sonar systems designed to detect and monitor underwater activity, particularly submarines. They play a critical role in strengthening Undersea Domain Awareness (UDA) by enabling naval forces to detect, locate and track underwater threats with precision. Ashish Rajvanshi, CEO, Adani Defence & Aerospace, said, 'For decades, India has been dependent on imports for such critical technology. This partnership brings world-class sonobuoy technology and integrates it with India's defence ecosystem.' The collaboration will merge Sparton's cutting-edge ASW capabilities with Adani Defence's manufacturing and support experience, specifically catering to the Indian Navy. These systems are vital for anti-submarine warfare and broader naval operations, helping to secure maritime assets and protect naval strike groups. Historically, India has relied on imports for these essential technologies, leading to dependence on foreign original equipment manufacturers (OEMs). This partnership aligns with the 'Aatmanirbhar Bharat' and 'Make in India' initiatives, allowing Adani Defence to domestically produce these critical systems, leveraging Sparton's existing association with the Indian Navy. Donnelly Bohan, President and CEO, Sparton DeLeon Springs, added, 'Sparton has a long legacy of problem solving, advanced engineering and manufacturing of America's best maritime defence solutions. We are proud to partner with Adani Defence & Aerospace to bring our proven ASW technologies to India.'
