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Message: more about the pdp deal..

more about the pdp deal..

posted on Dec 22, 2009 01:07AM

December 19, 2009
That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent for a look at how the Canadian Markets performed this past week.

CC. Exploration news started to dry up ahead of the Christmas holidays but for a number of companies it was politics that ruled the day. Once all the trading was done this past week, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, added 0.92 of a per cent, while the TSX Gold Index fell another 3.18 per cent.

It has taken a while but Cardero Resource is close to finalizing the sale of its Pampa de Pongo iron deposit in Peru to Nanjinzhao Group Co. The Chinese company paid US$58 million this past week and agreed to pay the final US$30 million on December 31. Cardero ended the week up C$0.04 at C$1.49.

Monday, December 21st, 2009
China will control in January Nanjinzhao iron project in Ica

From the first of January 2010, the mining project Pampa de Pongo iron (Ica) will have a new owner.

Chinese conglomerate Nanjinzhao Group announced that, as of December 31, cancel the whole transaction which he made with the Canadian explorer Cardero Resource, after more than a year of talks and agreements.

The Chinese company is committed to cancel $ 88 million through December, as part of a renegotiation with Cardero held in May this year (see Otrosí say).

Through a statement, explained that Jinzhao Mining Peru, a subsidiary of Nanjinzhao Group, repaid the last Thursday 17 the sum of $ 58 million, and the difference will be paid on 31 December.

To start the negotiations, the Chinese made an initial payment of U.S. $ 12 million in October 2008.

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