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Australian mineral explorer teams up with Chinese company

(Xinhua)
Updated: 2010-01-25 14:48
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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.

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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.