joint venture agreement formalised in beijing

Joint venture agreement formalised in Beijing

Wednesday, 11/04/2007

A state owned Chinese corporation has officially staked its claim in the expanding Australian uranium industry.

A joint venture agreement between China's Sinosteel Corporation and Sydney-based Pepinnini Minerals Limited has been formalised at a ceremony in Beijing.

Pepinnini chairman Norman Kennedy says his company will receive close to $40 million from Sinosteel for a 60 per cent stake in their Curnamona Province project in South Australia.

"For the company it means that we've got a very substantial partner," he said.

"Sinosteel is a very major company, a billion dollar type turnover style of company, a lot bigger than Peppinnini.

"So it guarantees that we can get the project up and running quickly, without having to worry about financing it with a capital finance to get it into production."

http://www.abc.net.au/rural/news/content/2006/s1894507.htm