Home / Metal News / Aluminium / Australian Mineral Explorer Teams up with Chinese Company
Australian Mineral Explorer Teams up with Chinese Company
Jan 25,2010 16:58CST
data analysis
Source:SMM

SHANGHAI, Jan. 25 -- Australian mineral explorer Venus Resources Ltd announced on Monday it had entered into share subscription and joint venture deals with a Chinese entity.

Venus recently expanded its exploration focus to identify world-class iron ore, precious metals, uranium and base metal exploration targets within prospective, mineral-rich orogenic belts of Western Australia.

Venus will raise A$4 million ($3.6 million) through a placement of 2 million shares at A$2 a share to HD Mining & Investment Pty Ltd, a subsidiary of Shandong Provincial Bureau of Geology and Minerals.

This will give HD Mining a stake in Venus of about 7 percent.

HD Mining will also take a 50 percent stake in Venus' Yalgoo iron ore project in Western Australia.

The deals are subject to approval by Australia's Foreign Investment Review Board.
 

iron ore

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news