Phosphate JV in YichangChina BlueChemical to Form Phosphate Mining JV in Yichang
Monday, May 19, 2008; Posted: 04:45 AM
HONG KONG, May 19, 2008 (SinoCast via COMTEX) --
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/charts.powerratings.net/prcharts/?src=prchartl&sym=CBLUF");">PR Charts -- China BlueChemical Ltd. (SEHK: 3983) said on May 15, 2008 that it planned to create a 51%-owned phosphate exploiting and dressing joint venture with Yichang Geological Exploration League and Yichang Honghe Mineral Development Co., Ltd., in line with an agreement signed on May 15.
Registering CNY 50 million in capital, the new firm, named China Bluechem Yichang Mining Ltd., will have a total investment of CNY 418 million and is set to spend CNY 329.12 million acquiring the exploiting right of a phosphate mine in Yichang City, Hubei Province, Central China. The mine has total reserves of 118.3 million tons, including 92.8 million tons of economically recoverable reserve and 25.5 million tons of prospect reserve.
The venture will build up a project that is capable of annually exploiting 1.5 million tons of phosphorite and dressing 1 million tons of medium- and low-tenor phosphorite in two years after incorporation.
China BlueChemical is under the wing of China National Offshore Oil Corporation (CNOOC), the country's largest offshore oil producer.
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