Mineral Deposits to Form Joint Venture With Eramet

Mineral Deposits Limited (TSX:MDM,ASX:MDL) reports it has entered into a Memorandum of Understanding with Eramet to form a joint venture.

The press release is quoted as saying,

The proposed joint venture will consist of:

• MDL’s 90% interest in Grande Côte (with the balance held by the Republic of Senegal); and
• Eramet’s wholly-owned subsidiary Eramet Titanium & Iron (“ETI”), which holds a 100% interest in the Tyssedal titanium slag and iron plant in Norway (“Tyssedal Plant”).

In accordance with the terms of the MOU, Eramet will also contribute US$30 million in cash and provide a US$45 million unsecured, subordinated debt facility to the joint venture company.

For the complete press release, click here.