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."
