China's Baotou Iron gets nod for stake in S.Australian venture
MELBOURNE, Nov 19, 2009 (Asia In Focus via COMTEX) --
Company: Centrex Metals Ltd (CTXXF)
Australian regulators have allowed a Chinese state-owned company to take up to a A$40 million (US$45.6 million) stake in a South Australian magnetite joint venture. The stake will give BAOTOU IRON AND STEEL up to 50 per cent of a proposed joint venture with CENTREX METALS LTD (ASX:CXM) to develop the Bungalow magnetite deposit.
* Under the deal Baotou, China's tenth biggest steel producer, will pay A$8 million towards exploration and study of the site for a 10 per cent interest.
* Another A$8 million will go to a second round of exploration and A$24 million will be spent on the the final phase, to complete a bankable feasibility study.
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Company: Centrex Metals Ltd (CTXXF)
Related terms: australia, china, exploration, joint venture, steel
