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Oceanic Announces Memorandum of Understanding with Sinosteel MECC
Oceanic Announces Memorandum of Understanding with Sinosteel MECC Canada NewsWire ...
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n\n\n\nOceanic Announces Memorandum of Understanding with Sinosteel MECC\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 30, 2018\n\n\n\nTSX Venture Exchange: FEO\n\n\n\nVANCOUVER, Jan. 30, 2018 /CNW/ - Oceanic Iron Ore Corp. (\"Oceanic\", or the \"Company\") is pleased to announce the signing of a Memorandum of Understanding (\"MOU\") with Sinosteel Equipment and Engineering Co., Ltd (\"Sinosteel MECC\").\n\nThe MOU formalizes the understanding and intentions of the parties in respect of cooperation focused on the Company's Hopes Advance project development. Specifically, Sinosteel MECC intends to assist in the arrangement of a future equity investment, off-take and project financing in exchange for future mining and plant related infrastructure EPC work. The MOU is a non-binding agreement that both the Company and Sinosteel MECC intend to evolve to binding project financing arrangements and EPC agreements at a future date.\n\nSteven Dean, Chairman of Oceanic said: \"We are pleased to have progressed discussions with Sinosteel MECC to the formalization of a memorandum of understanding. Oceanic acknowledges the qualifications and capacity of Sinosteel MECC and looks forward to an enduring relationship that has the potential to deliver significant mutual benefits. With the assistance of both Sinosteel MECC and PowerChina Huadong who each have capability, technical expertise and track records in mining, processing plant, power plant and port respectively, this as an important step toward the future development of the Hopes Advance project.\"\n\nMr. Li Ye, Deputy Marketing Department Manager of Sinosteel MECC added: \"Sinosteel MECC acknowledges the good business opportunities presented by Oceanic and is very happy to have signed an MOU. Sinosteel MECC is also very happy to work with PowerChina on this high quality low cost iron ore project and the cooperation between two major Chinese companies on one Canadian project will be a very good example for economic cooperation between two nations.\"\n\nAbout Sinosteel MECC:Founded in 1972 ...