China Nonferrous Metal Industry (CNMI) has announced that it has signed an agreement with Xinwei Group, a refractory product supplier based in Jiangsu Province, China, to carry out joint mineral exploration in the northern region of Myanmar.
In line with the agreement, CNMI and Xinwei Group will set up a joint venture to be temporarily named Burma CNMI-Xinwei Mining Co., Ltd with respective investments of $255,000 and $245,000 respectively. Accordingly, CNMI and Xinwei Group will respectively hold 51 percent and 49 percent stakes in the joint venture.