JAVELIN - Other commercial developments
1. In Prague a number of residential properties are under due dilgence.
Prague is in the process of approving an extensive renovation programme with a number of interesting projects in the pipeline. Wenceslas Square, despite architectural improvements or certain development and additions, has been in need of renovation. A new project has now been approved. We believe this will create added value to real-estate. Many buildings on the square are still facing or are in the process of revitalization. We think that this situation will create interesting investment opportunities over the next five years.
2. Javelin is advising on European Development Bank financing for an interesting Alabaster mining project in Egypt.
Stone quarrying has a very long history in Egypt. The quarries at Hatnub, at least half a day’s journey from the Nile in ancient times, are situated in the hills of the Eastern Desert, around 65km from el-Minya, to the south-east of el-Amarna. The area contained the principal quarries for travertine or calcite, usually known as ’Egyptian alabaster’ and was in use from as early as the Old Kingdom and intermittently through to the Roman Period. The name Hatnub means ‘Mansion of Gold’.
Hatnub had three principal quarrying areas and its main quarry (P) is a pit 55m by 85m in area and 16m deep. There were also settlements for the workers, characterised by drystone walls, windbreaks, and a transportation system of causeways and roads.
Hatnub was an important source for the precious stone which could be either carved so thinly that light would shine through it or used in the construction of altars, sarcophagi and beautiful shrines such as that of Senwosret I which has been reconstructed in Karnak open-air museum. There was nothing to equal its aesthetic qualities in ancient Egypt.
Javelin is involved in a project to revive an Alabaster mine in this area.