Hong Kong-China BlueChemical Ltd. reports that it has entered into an agreement with Yichang Geological Exploration League of Hubei Province and Yichang Honghe Mineral Development Co. Ltd. to establish China BlueChem Yichang Mining Ltd., a joint venture company for phosphate mining and processing in Yichang City, Hubei Province of China. The jv includes exploring phosphate mine, mining, mineral processing, and sales of phosphate ore by building a project with an annual phosphate mining capacity of 1,500,000 mt and a middle-low grade mineral processing annual capacity of 1,000,000 mt, respectively. The total investment amount for the jv is RMB418,000,000 (with a registered capital of RMB50,000,000), which shall be contributed as 51, 34, and 15 percent, respectively, in cash. After establishment, RMB329,120,000 will be used to purchase the prospecting concession of the phosphate mine from Yichang Geological League. The total reserves volume of the phosphate mine is 118.3 million mt, including economically recoverable reserve of 92.8 million mt and prospect reserves volume of 25.5 million mt.
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