Stonehenge finds new JV partner

Perth-based Stonehenge Metals has attracted a new partner for its Daejon joint venture uranium joint project in South Korea.

Stonehenge’s current joint venture partner Korid has sold down its stake in Stonehenge Korea, which wholly owns Daejon and two other projects in Korea, from 50 per cent to 30 per cent, to Korean engineering company BHI Co for about $1.15 million.

Stonehenge has retained its 50 per cent stake in the joint venture.

 “We are very pleased that BHI has agreed to join Stonehenge and Korid with a substantive ownership position in our JV company,” Stonehenge managing director Bruce Lane said.

“Their acquisition of 20 per cent underpins the value of the Daejon project.

“BHI’s support and their partnerships in Korea with Posco, Daewoo and Amec Foster Wheeler, positions Stonehenge Korea to accelerate the work program planned for the Daejon project,” he said.

The joint venture is currently working towards preparing a pre-feasibility study on the Daejon project.

Stonehenge shares were unchanged at 4.1 cents each at 12:30pm.