Canadian explorer and project developer MDN has announced that China-based Sichuan Xinye Investment Corporation of Mining and Exploration (Xinye) has decided to proceed with formalising the two partners’ relationship by establishing a joint venture (JV), including an acquisition option, on the Ikungu and Ikungu East properties, in Tanzania.
TSX-listed MDN stated that Xinye had decided to move forward with the JV after a due diligence period had expired, resulting in a payment of $200-million to MDN, as agreed to under a heads of agreement signed in September last year.
