Updated Saturday, July 4, 2009 12:03 am TWN, China Daily/Asia News Network

Australia's Emergent to form JV with Chinese firm

Australia-based Emergent Resources announced on Friday it would form a joint venture with China Metallurgical Investment to develop its Beyondie Iron project in Western Australia, the Australian newspaper reported.

Emergent revealed that the agreed joint venture would provide A$200 million (US$159.3 million) to fund the project.

The mine, in the state's midwest iron ore region, will initially target production of three million tons a year of magnetite concentrate.

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