Iron, base and precious metals explorer Emergent Resources Ltd
(ASX:EMG) has been given the tick of approval by the Foreign Investment Review Board for the company’s $200 million joint venture with China Metallurgical Investment Company.
The 50/50 joint venture is for the development of Emergent’s Beyondie Iron Project in the Mid West region of Western Australia.
The approval follows the signing of a binding agreement between the two companies back in October, and represents a significant step in the development of the project.
Emergent says the joint venture is targeting initial production of 3 million tonnes per annum of magnetite concentrate.
The Beyondie joint venture will initially be funded with an injection of $200 million of equity provided equally by China Metallurgical Investment Company and Emergent.
Emergent has posted a loss for fiscal 2009.
