Australian Tungsten Mining Enters MOU with MCCI

Australian Tungsten Mining has signed a Memorandum of Understanding (MOU) with MCCI to develop a collaborative plan for the feasibility study of its Mt Mulgine tungsten project.

MCCI is a wholly-owned subsidiary of Metallurgical Corporation of China, engaged in contracting and consulting services for high-end projects around the world. Mt Mulgine is located in the Murchison region of Western Australia, approximately 350 km from Perth.

This Memorandum of Understanding outlines the framework for a binding definitive agreement to complete metallurgical test work and engineering services as part of an agreed value engineering study and definitive feasibility study. The scope also includes assistance in procuring the project financing required to implement the Mt Mulgine project.

Tungsten Mining and MCCI have also agreed to collaborate on technical process improvements to increase tungsten, molybdenum and copper concentrate grades and recoveries while reducing operating costs associated with the process.

Craig Ferrier, Chief Executive Officer of Tungsten Mines, said, "Signing the MOU with MCCI is a great opportunity for us to fulfill its commitment to move the Mt Mulgine project forward. We are pleased to be working with a capable and successful organization and look forward to a long and successful relationship."

The MOU proposes that the organization will be appointed as the engineering procurement and construction (EPC) or EPC Management Contractor based on an agreed-upon project delivery strategy.

If MCCI proceeds with the construction of the project, it has also requested to participate in the operation and maintenance of the processing plant. In addition, the parties have agreed to consider the opportunity for MCCI to participate in the project through a small equity investment.

Tungsten Mining is an Australian resource company whose primary focus is the exploration and development of tungsten projects in Australia.

China Metallurgical Group Corporation (MCC), a Chinese state-owned enterprise headquartered in Beijing, is engaged in EPC (engineering, procurement, and construction), natural resources development, paper manufacturing, equipment manufacturing, and real estate development. MCC is one of the largest equipment manufacturers in China and the only state-owned enterprise authorized to operate pulp and paper businesses in China and overseas. On December 8, 2015, MCC was merged into China Minmetals Corporation and became its wholly-owned subsidiary.

China Metallurgical Group Corporation's subsidiary, Metallurgical Corporation of China Limited, co-invested by China Metallurgical Group Corporation and Baosteel Group Corporation (Baosteel Group), was established in 2008. Its A shares and H shares were listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange respectively in 2009.

• < Prev
• Next >