Admiralty Resources has partnered with Hainan Xinlei Mining Management to develop the Mariposa Iron Ore Project in Chile.
Hainan will lead the project, providing capital equipment and managing development to reach 500,000 tonnes per annum production in 2024, scaling to 2,000,000 tonnes by 2025.
Admiralty's Chilean subsidiary retains ownership, with Hainan covering expenses up to sale, and Admiralty receiving 20% of post-tax profits.
Chairman Bin Li highlighted the collaboration's importance, overseeing operations via an appointed committee.