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Jinchuan Group to form commodities trading JV in China

Jinchuan Group International Resources Co. Ltd.'s Golden Harbour International Trading Ltd. subsidiary entered into an agreement with Shanghai Junhe Group Co. Ltd. unit Junhe Holdings Ltd. to establish a commodity trading joint venture entity in China.

The joint venture company will be named Shanghai Jinchuan Junhe Economic Development Co. Ltd. and will have an initial term of 10 years, extendable by mutual agreement.

Golden Harbour will hold a 60% interest in the joint venture, with the remaining to be owned by Junhe Holdings, according to a Dec. 12 release.

The proposed total registered capital of the new company will be 100 million Chinese yuan.

The formation of the new vehicle is in line with Jinchuan's strategy to further develop its trading business of mineral and metal products and to expand and diversify its business segments.

As of Dec. 12, US$1 was equivalent to 6.62 Chinese yuan.