Abterra Forms New JV with Chinese Firms

31 March 2010 (Last Updated March 31st, 2010 18:30)

Mining and minerals trader Abterra said it has entered into a joint venture agreement with three Chinese firms to form a new mining company in China’s Shanxi province. The firms include Shanxi Taihang Old District Investment, Shanxi Dubao New Energy and Beijing Jindian Yinqiao Internation

Mining and minerals trader Abterra said it has entered into a joint venture agreement with three Chinese firms to form a new mining company in China’s Shanxi province.

The firms include Shanxi Taihang Old District Investment, Shanxi Dubao New Energy and Beijing Jindian Yinqiao International Investment.

The company will be called Zhongjin Taihang Mining and will be involved in the businesses of coal mining and the washing and processing of coal into coke.

Under the agreement, Abterra will spend CYN71.6m ($10.5m) for a 35.8% stake.

The balance will be subscribed by the other partners, with Shanxi Taihang holding the majority stake.