Vancouver-based Quadra Mining Ltd, owner of the new $240 million Carlota Copper Mine west of Miami, has decided to joint venture two of its copper properties in South America with a Chinese firm.

On Monday, Quadra issued a press release saying the company was pleased to announce that it has executed a memorandum of understanding with State Grid International Development, Limited, a wholly owned subsidiary of State Grid Corporation of China, the largest Chinese utility company and a major end user of copper.

Quadra and State Grid have agreed to the formation of a proposed joint venture corporation which will develop and operate Quadra’s Sierra Gorda project and Franke Mine in addition to seeking and investing in other prospective copper assets, initially in Chile.

According to the news release, the parties in the new proposed joint venture, called “Strategic JV,” will be entitled to their proportionate share of the concentrate or cathode production from the two properties. Quadra shall be responsible for supervising the day-to-day operations of “Strategic JV” under the oversight and direction of a Board of Directors consisting of an equal number of representatives from both parties. State Grid International of China will lead the efforts of the “Strategic JV” to arrange the necessary project financing with a target of not less than a 60:40 debt equity ratio, subject to a bankable feasibility study and other conditions.

For the complete article see the 03-10-2010 issue.

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