Xining Special Steel establishes two mining companies in Qinghai

Qinghai Province-based Chinese special steel producer Xining Special Steel Co. announced on November 18 that it has signed an agreement to establish a joint venture named Xigang Yemaquan Mines Development Co. with Qinghai No. 3 Geology & Mineral Resources Exploration & Development Bureau, while it has also signed an agreement to set up another joint venture named Xigang Tawenchahanxi Mines Development Co. with Qinghai No. 4 Geology & Mineral Resources Exploration & Development Bureau.
 
Accordingly, the registered capitals of the new JVs are both RMB 10 million ($1.57 million). Xining Special Steel will invest RMB 8.5 million ($1.34 million) respectively in both Xigang Yemaquan Mines and Xigang Tawenchahanxi Mines, and will thus hold an 85 percent stake in each joint venture.