It appears per the CC that they are in advanced discussions with a large China state owned company for this. I believe someone like CSCEC with their implementation, experience on several continents, and financing capabilities would be a more effective partner than GE for this. It appears to me that GE technology is inferior to SYMX technology on low rank coals. This could set up as a highest bidder scenario and could possibly spur a takeout offer from GE.
Here is a very rough translation. Looks like the JV released the news first again, same as when the CHALCO deal was announced.
On April 30, Suzhou day fertile science and technology limited company subordinate subsidiary company day Wo Zong can receive Mongolian Nano Metal Corporation DRI project pre-to be possible the research report contract 50% advanced payment, symbolizes that the contract officially becomes effective and starts to carry out.
It has been learned that the DRI technique of production is provided by global reputable business US Meader Rex Corporation, this craft through the synthetic gas response the iron ore direct production fusing iron, compared with the traditional iron-smelting craft, reduced the coked construction section, has the production cost to be lower, the reduced iron precision to be higher, production process environmental protection and other superiority. In May, 2014, day fertile science and technology subordinate subsidiary company day Wo Zong can sign "Jointly Development framework Agreement" with Meader Rex Corporation, decided that to gasify and way of DRI technology binding, carries on the exclusive sale and market introduction event in the world, at present the utilization of this craft in our country was still blank, the development trend space will be huge.
Owner Nano Metal Corporation is Mongolian Well-known Mining industry Enterprise, has the HUSTAI iron mine proven reserves to reach 21.21 million tons iron ore, the hypothetical reserves are 6.94 million tons iron ore, 3.33 million tons fine metal. This company planned investment establishes 800,000 ton/year pelletizing direct iron return to original state factory, investment budget 320 million US dollars. The premenstrual phase inspects in every way, Nano Metal Corporation decides to be authorized day Wo Zong to be able finally and partner, the feasibility analysis offering consultation service of this project, and officially signed on April 13 pre-has been possible the research consultation contract.
It is reported that pre-may the research report that after Nano Metal Corporation verifies, the direct iron return to original state project of this company by day Wo Keji, day Wo Zong can, Meader Rex smelt the technical service (Shanghai) LLC and in Beijing MCC subordinates smelts the square unified body contract that the Beijing honest engineering technology LLC forms, his culmination Wo Keji will be responsible for always coordinating and core equipment manufacturer, day Wo Zong can being responsible for the party "U-GAS gasification island" design, Meader Rex will be responsible for the technical program that will provide the direct iron to return to original state, will smelt Beijing to be responsible for the overall item financing plan and scene engineering construction budget honestly.
In country "area" with the big policy environment of Sino-Mongolian economical corridor, the day fertile science and technology actively implements the transnational business strategy, as well as with other major companies in the extensive cooperation of systems engineering project domain, this contract performance, has the extremely important significance regarding the business transformation promotion.