By InvestAdvocate

Lagos (INVESTADVOCATE)-Chinese firm Anhui Huishang Metal Corporation Ltd (AHMCL), has earmarked $111 million in its joint venture agreement with Nigeria’s Multiverse Plc.

The company a leading Lead and Zinc mining company in China said the $111 million would be spent on equipment, exploration and mine technology over a period of four (4) years effective from 2014.

According to a notice to the Nigerian Stock Exchange (NSE), Multiverse and AHMCL said they have both created a Special Purpose Vehicle (SPV) to explore, develop and mine the huge deposit of Lead and Zinc ores in the said mine property.

‘’The collaboration agreement involves the geological exploration, mine development and production of Lead and Zinc Ores, non-ferrous metals with worldwide market demand, in one of its mine properties Exploration License EL 16879 in Abuni, Awe, Local Government of Nasarawa State,’’ Multiverse said.

The company also informed the NSE that the result of the Resource Study to determine the Reserve Estimate of Lead and Zinc carried out by the Geological Institute of China will be made available in due course.