Cusox,I was referring to this MOU:Xiangguang Copper may buy 15%...

Cusox,

I was referring to this MOU:

Xiangguang Copper may buy 15% stake in CuDeco08:31, March 10, 2010

Xiangguang Copper, a copper smelting unit of chicken supplier Shandong Fengxiang Group is planning to acquire a stake in Australian gold and copper miner CuDeco, to bolster its raw material supplies.

Fengxiang, which is better known as a supplier to global fast food chains such as KFC and McDonald's, confirmed its unit was in talks with CuDeco for a 15 percent stake in the latter's Rocklands copper mine.

"We are interested in purchasing overseas resources to secure our material supplies and CuDeco could be a good option," said Liu Zhiguang, president of Fengxiang's subsidiary Xiangguang Copper, which has an annual copper production capacity of 400,000 tons.

"The Xiangguang deal will help improve our finances, while the Chinese firm will get access to copper supplies," said the Australia-listed firm's chairman Wayne McCrae.

The Rocklands mine, near Cloncurry, Queensland, will have a 10 year exploration time frame and an annual production capacity of 3 million tons. It is expected to generate about $960 million in revenue annually, said McCrae.

CuDeco also said the company was also in talks with Chinese iron ore trader Sinosteel for the project financing estimated at around $100 million.

"If we bag the project, it would be the first mining construction project undertaken by a Chinese firm in Australia," said Lu Pengcheng, general manager of Sinosteel Equipment & Engineering Co.


Source: China Daily

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* It would appear the Xiangguang Copper MOU fell over. No details were ever released to the market.

* Project financing by Sinosteel has never been confirmed. No detail were ever released to the market.

* New institutional investor .......did this fall over as well? No details released to the market as yet.