Chinese partner adds extra clout

摘要

PROPONENTS BEHIND THE redevelopment of a scheelite project in north western Tasmania are now looking to have their major financing arrangements in place by the end of July. King Island Sheelite Ltd (KIS) and the China-based Hunan Nonferrous Metals Corporation (HNC) are currently wrapping up an extensive due diligence process and expect that a favourable outcome from the proceedings will allow commercial negotiations to begin this month. The companies entered into a non-binding letter of intent (LOI) earlier this year in an effort to underpin KIS's financing requirements for reopening the mine.