Oceanic Iron Ore gets interest from China’s Sinohydro

Sinohydro, one of China’s oldest state-owned enterprises set up shortly after Chairman Mao Zedong’s Communist party swept to power in 1949, says it is “willing and ready” to become an equity shareholder in Oceanic Iron Ore Corp.’s (TSXV: FEO) Hopes Advance project “when the time is ripe.”

In the meantime, the industrial powerhouse responsible for about 65% of China’s large and medium hydropower stations as well as major infrastructure projects in transportation, civil work, mining and real estate around the world (it currently has 524 projects in more than 74 countries) has signed a memorandum of understanding outlining the ways in which it can co-operate with the junior on advancing its iron ore project in the northern extension of Canada’s Labrador Trough in the Nunavik region of Quebec.

Sinohydro has agreed to help arrange future project financing for Oceanic Iron Ore in exchange for future engineering, procurement and construction (EPC) work. The two companies intend that the non-binding agreement will evolve to binding project financing and EPC agreements.

Read the complete article at NorthernMiner.com/news/oceanic-iron-ore