BEIJING, April 30 (Xinhua) -- Chinese high-tech enterprise Jiangxi Special Electric Motor (002176.SZ; Jiangte for short) on Monday signed a memorandum of understanding (MoU) on formation of a new joint venture with Alliance Mineral Assets Limited (AMAL), according to a press released from the company.
According to the MoU, AMAL, the owner of Bald Hill Lithium and Tantalum Mine asset, will supply the spodumene to the joint venture formed by two parties with the cost of production. Jiangte will process the spodumene into lithium hydroxide for the joint venture, while the joint venture will be responsible for the domestic and overseas sales of the lithium hydroxide products.
The cooperation will potentially enhance the market influence and profitability of both parties, said a relevant person in charge. (Edited by Bao Nuomin, baonuomin@xinhua.org)
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