Chinese Partner Drops Pacific Ore JV in Mongolia

19 July 2009 (Last Updated July 19th, 2009 18:30)

Australian miner Pacific Ore said it is looking at other funding options for the Huogeqi copper mine in Inner Mongolia after its Chinese joint venture partner pulled out. Bayannoer Western Copper, a subsidiary of Shanghai-based Western Mining Company, said that recent management

Australian miner Pacific Ore said it is looking at other funding options for the Huogeqi copper mine in Inner Mongolia after its Chinese joint venture partner pulled out.

Bayannoer Western Copper, a subsidiary of Shanghai-based Western Mining Company, said that recent management changes had made the Huogeqi joint venture less of a priority as a new development for the Huogeqi mine operations.

The original MOU was signed on 26 February 2009 and subject to a 21-day due diligence.

The due diligence period was then extended to 30 June.

Pacific Ore has finished the leaching phase at the project under a pilot plant, which will be decommissioned, the company said.