re: Ann: CWG ENTERS AGREEMENT WITH CHINA WAST... Junior looking...

re: Ann: CWG ENTERS AGREEMENT WITH CHINA WAST... Junior looking to diversify explores Chinese waste partnership

DECEMBER 31, 2013 12:00AM

SYDNEY-BASED junior explorer Central West Gold is looking to diversify out of minerals and move into toxic waste management in China.

The Australian-listed company announced yesterday that it was investigating teaming up with one of the largest environmental protection and toxic waste management companies in the economic powerhouse.

Central West Gold has agreed to an "exclusive agreement" with a Chinese party, which the junior Australian company did not name in its announcement, that will lead to the exchange of information between the two.

The minerals explorer said the parties would conduct due diligence to assess Central West Gold's willingness to consider a "material change" of business direction into the treatment of toxic waste industry in China.

"The joint venture partner's reported intellectual property, including know-how and patents together with significant Chinese domestic customer contracts in the waste treatment field, may provide Central West Gold a unique entry point to the Chinese environmental protection industry," the company said in its statement to the Australian market.

On its website, the firm identifies itself as a minerals exploration company that has lately focused on exploration tenements in NSW. It also has a proposal before shareholders that could lead to acquiring an interest in a gold exploration project in Papua New Guinea. The company's shares were flat at 4.7c yesterday.

Wang Tienan, the chairman of the Chinese joint venture company, said the toxic waste management industry in China is growing rapidly and is an important and integral component of China's developing economy. "The co-operation with an ASX-listed company provides a transparent business platform to facilitate the development and export of our joint venture technologies and services," he said.

Central West Gold said it expected it to take about eight weeks to conclude the due diligence phase and in the meantime it would continue its assessment of mineral exploration in NSW and acquiring interests in gold exploration in PNG.


Interesting if we get some strong Chinese buying coming into this tight little spec stock

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