- Wednesday 2010-03-10 15:24
State Grid International Development, a subsidiary of State Grid, will establish a joint venture with Canadian miner Quadra to jointly explore and develop the latter's Sierra Gorda copper molybdenum mine and Franke Mine in Chile, reports Beijing Times, citing a filing by Quadra.
Both parties will each hold a 50 percent stake in the joint venture.
The assets of the Sierra Gorda project and Franke project are valued at $900 million.
Quadra will be in charge of the daily operations of both projects.
In addition, State Grid International Development will purchase 10.9 million shares of a 9.9 percent stake in Quadra at C$13.91 per share.
