ERAMET and Mineral Deposits have Signed Definitive Agreements

ERAMET and Mineral Deposits Limited (TSX:MDM,ASX:MDL) reports they have signed the definitive agreements for the creation of a joint venture.

The press release is quoted as saying,

As proposed in the terms of the Memorandum of Understanding announced on 20 June 2011, ERAMET and MDL will both hold 50% of the shares of the newly created entity. ERAMET will contribute to the joint venture its 100% shareholding in ETI and cash of US$30m, and MDL will contribute its 90% participation in the Grande Côte Mineral Sands project, the other 10% of the project being held by the Republic of Senegal.

For the complete press release, click here.