The KIS quarterly released yesterday had this to say re the JV:
"During the quarter the Company continued to progress work on finalizing the joint venture with HNC. The JV documentation, which was signed in December, last year, contains a number of conditions precedent that must be satisfied prior to closure. Most of these have been satisfied, including approval by the Company’s shareholders at an Extraordinary General Meeting held on the 6th of March.
The one significant condition precedent that remains outstanding is that of HNC obtaining the necessary approvals from the Central Chinese government. Provincial government approval for the elements of the transaction under its jurisdiction was granted in February 2008. The application is currently being processed in Beijing and HNC has recently advised KIS that it expects this final approval in May.
Whilst waiting for the central Chinese approval to be issued, the Company continues with its preparatory work on various aspects of construction, including infrastructure provision, procurement and major contracts such as mining services. This work will ensure an efficient start to construction activities."
Sounds pretty positive.
DYOR
KIS Price at posting:
0.0¢ Sentiment: None Disclosure: Held
