Emergent to finalise $205m Chinese deal

Emergent Resources will seal a $205 million deal with a Chinese company next week that will pair the companies over the Beyondie iron ore project in the Mid West.

Emergent said in a statement today that due diligence on the joint venture was completed successfully and the company will now meet with China Metallurgical Investment Co in Beijing next week to formalise the contract.

The deal with CMIC, first flagged in July, has ignited Emergent's share price over the past three months, nearly double from a base of about 50 cents to today's close of 93c.

Under the deal, CMIC will provide $200 million for the project, and make a $5 million investment in Emergent for a 15 per cent shareholding.

CMIC last year bought Cape Lambert Iron Ore's namesake project for $400 million.