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union resources says jv unit mehdiabad zinc co

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    Union Resources says JV unit Mehdiabad Zinc Co accepts feasibility report
    Date 16/7/2007 Source COM Related Stories N/A
    Time 09:50

    LONDON (Thomson Financial) - Union Resources Ltd said its joint venture unit, Mehdiabad Zinc Co (MZC), has accepted the feasibility study report on the Mehdiabad Zinc-Silver-Lead project, and believes the acceptance will assist the project to proceed to the development phase.

    Union said it considers MZC's acceptance to be a significant development as Union has now completed its commitments under the various project agreements, and the remaining outstanding matters are largely under the control of its Iranian partners.

    The company has been in talks with the Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO), after IMIDRO had last year purported to terminate four of the five agreements under which Union maintains its interest in MZC.

    The feasibility study report can be updated to a bankable feasibility study upon the granting of requisite licences, support from the government sector, and commitment of foreign financing, Union Resources said.
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