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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (36030)4/24/2009 11:32:02 AM
From: LoneClone  Read Replies (1) of 193482
 
Chinese company to enter JV to explore Arafura Resources iron-vanadium project

interfax.cn

Australian Securities Exchange-listed Arafura Resources Ltd. announced on April 20 that it has signed a letter of intent with Jiangsu Eastern China Nonferrous Metals Investment Holding Co. Ltd. to establish a joint venture to explore the Jervois iron and vanadium project in Australia's Northern Territory.

Jiangsu Eastern has agreed to contribute up to AUD 8 million ($5.71 million) for a 51 percent 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 percent stake in Arafura for AUD 24 million ($17.12 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.
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