Eastern Resources Limited (ASX: EFE) announced that a new joint venture company, EFE Yongxing Pty Ltd, has been incorporated by Eastern Resources and Yongxing Special Materials Australia Pty Ltd, which is a subsidiary of Yongxing Special Materials technology Co. Ltd.
Now, Eastern Resources has 60% stake in the JV Company by contributing AU$100,000 and YSMA has 40% stake by contributing AU$900,000.
The new Company is the corporate entity which will help both Eastern Resources Limited and Yongxing Special Materials technology Co. Ltd, to seek new lepidolite projects in Australia. It will also help to carry out any works related to pre-acquisition of the Projects, in line with the parties’ objectives as set out in the Strategic Partnership with YONGXING.
Using the JV Company, EFE can increase focus on lepidolite projects as well as lithium projects with both lepidolite and spodumene potential.
At AEST 11:45 AM, EFE shares are trading at AU$0.026, up 4% from the previous close.
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