Minmetals Development Co Ltd (SHA 600058), China's largest metals trading group, said its board has approved the establishment of a mining joint venture with Oman's Muscat Overseas Group.
In a statement filed with the Shanghai Stock Exchange, the company said registered capital of the venture will be 5.5 mln usd. It will focus on exploring for manganese in Oman.
Minmetals will hold 45 pct of the venture, while Muscat Overseas and a unit will hold 35 pct and 20 pct respectively, according to the statement.
The deal has been approved by the Ministry of Commerce and the State Administration of Foreign Exchange, it added.
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