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Actel/Aikete and First Union Kreditanstalt to process pgm mine tailings - 22nd November 2007

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Actel/Aikete and First Union Kreditanstalt have confirmed a joint venture deal to develop its facility in Dalian, China, to mine platinum group metals (pgms).

Under the terms of the deal, which was confirmed by MJ Majoie Hui, President of Actel/Aikete, Soma Petroleum, Actel/Aikete's parent company, will provide over $3 million-worth of funding for the project in return for 49 per cent of operations and mineral rights.

Ms Hui said: "The joint venture capital brought by Soma will allow us to expand the facility and to install additional production lines. The principal production is precious metal oxides in semi-refined form, such as palladium, iridium, rhodium.

"The contract was signed at the end of March and additional details for funding are being worked out at the present time. Soma has made multiple transfers, to date, of their total contractually committed funding in excess of $3 million."

Once complete the mine is anticipated to yield monthly revenues of $1.6 million and annual revenues of $19.2 million.

Source:

http://www.platinum.matthey.com:80/media_room/1195747219.html

SOMA Petroleum Ltd and Actel/Aikete Limited announce joint venture agreement, 21/11/07
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/11-22-2007/0004710259&EDATE