Sumitomo May Join Aussie Mining Joint Venture Rush

Law360, New York (March 1, 2012, 5:06 PM EST) -- Following other Japanese companies into Australia's fast-growing mining sector, trading house Sumitomo Corp. has the option to invest in a promising but underfunded iron ore mine in the country's southwest, developer Mindax Ltd. said Thursday.

A joint venture agreement gives Sumitomo the option to acquire up to 70 percent of the mine, which is in the early stages of development, for AU$115 million ($124 million), Mindax said. Sumitomo first gets two months of exclusive rights to conduct due diligence on the project, which Mindax said could...
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