Sparton to buy Chinese vanadium producer
Apr 13, 2011 | 04:05 PM
| Thorsten Schier
NEW YORK Canadian exploration company Sparton Resources Inc. has agreed to buy a majority stake in Chinese vanadium pentoxide (V2O5) producer Jiangxi Rentian Mining Co. in a bid to expand into the growing market for specialty steel alloys.
Spartons 74.2-percent-owned subsidiary Van Spar Mining Inc. has signed the exclusive option agreement to pay 28.76 million yuan ($4.4 million) and settle Rentians debt in exchange for an 80-percent interest in the company.
Rentian holds various rights and assets including two mining licenses for vanadium deposits and a new 1,000-tonne-per-year capacity vanadium pentoxide processing plant in Jiangxi Province, China.....
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