Reports from China suggest that Zhongtian Chengtou will cooperate with No.3 Geological Bridge of the Guizhou Bureau of Geology on the development of the Xiaojingou Manganese mine in the Huanghuagang area of Zunyi city.
The two sides had signed a cooperative development agreement.
According to the report, Zhongtian Chengtou will pay CNY 30 million to N0 3 Geological Bridge as early compensation. The bridge will invest by its mining right and earlier geological achievements, while all the capital involved will be paid by Zhongtian.
Meanwhile, the two sides will construct a joint venture, in which 15% of the shares are held by No 3 Geological Bridge and 85% shares by Zhongtian Chengtou. There are about 1.8282 million tonnes of manganese ore completely in the surveyed areas, with the prospective manganese ore of 20 million tonnes.
Source: Steel Guru
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