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Chinese company to enter JV with Arafura Resources
- China Aluminium Network
- Post Time: 2009/4/24
- Click Amount: 454
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Australian Securities Exchange-listed Arafura Resources Ltd. announced that it has signed a letter of intent with Jiangsu Eastern China Nonferrous Metals Investment Holding Co Ltd to establish a JV to explore the Jervois iron and vanadium project in Australia's Northern Territory.
Jiangsu Eastern has agreed to contribute up to AUD 8 million for a 51% stake in the joint venture.
Jiangsu Eastern's commitment to the Jervois joint venture follows closely on the heels of its decision to purchase a 25% stake in Arafura for AUD 24 million in March 2009.
Arafura, a Perth based metals explorer and miner has operated in the Northern Territory for 20 years. Currently, its primary focus is the development of the Nolans rare earth project.
Arafura's Jervois project is located approximately 290 kilometers northeast of Alice Springs in the Northern Territory.
Jiangsu Eastern is a subsidiary of the state-run Eastern China Geological and Mining Organization for Nonferrous Metals, which has advanced exploration technology, mining and processing experience, strong financial backing and runs mining and exploration projects in China, Brazil, Namibia and Indonesia. Source: SteelGuru
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