Miner ties up with Chinese steel firm in desalination deal
White Mountain Titanium Corporation has signed a non-binding memorandum of understanding (MOU) with China's state-controlled metallurgy and engineering firm, Sinosteel Equipment and Engineering, which includes a desalination project.Sinosteel has agreed to cooperate with White Mountain in the development of its Cerro Blanco project, which includes an ancillary desalination plant.
The deal could include direct equity investment by Sinosteel in the Cerro Blanco desalination project, would also be considered, subject to the completion of a business finance deal and approval by authorities that oversee Sinosteel.
White Mountain engineering staff are working with Sinosteel on data to support the Chinese firm's financial and technical appraisal of the Cerro Blanco project and the desalination plant.
Chairman and chief executive officer of White Mountain, Kin Wong, said: "We look forward to furthering our relationship with Sinosteel, with a goal to complete the construction of the desalination plant and advance the Cerro Blanco project in a timely, cost efficient and financially sound way."