November 30 -- China-Kinwa High Technology (600110) plans to cooperate with Australian mining firm Matsa Resources, to explore Norseman Gold Mine in western Australia, reports Shanghai Securities News, citing a company filing.
Kinwa Hi-Tech plans to purchase 50 percent equity in the mine, which also includes Mt. Henry, Selene and North Scotia lodes, as well as magnetite reserves.
The purchase is pending approval of Chinese and Australian authorities.
Norseman Gold Mine has total reserves of 1.46 million ounces with 990,000 ounces of proven reserves.
Kinwa Hi-Tech and Matsa will also establish a joint venture called Matsa Kinwa to search for more resources in Australia and Southeast Asian countries.
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