On December 5, Beijing-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. announced that it signed a framework investment agreement and convertible bond agreement in Beijing on November 29 with Canadian miner Northern Star Minerals.
Accordingly, Northern Star will issue three-year convertible bonds worth C$10 million toXinxing Pipe, while the raised funds will used for exploration and development of Northern Star’s iron ore project in the Astray region of Canada (‘Astray-X project’). Furthermore, the two parties have agreed to establish a joint venture in Canada, to which Northern Star will contribute the rights and interests in its iron ore project, while Xinxing Pipe will contribute cash, with the two parties each to hold a 50 percent stake.