February 20 -- Wuhan East Lake High Technology (600133), a builder of industrial parks, infrastructure, and homes, plans to set up a joint venture with controlling shareholder, Liantou Group, to explore for phosphate in Yichang, Hubei province, reports Shanghai Securities News, citing a company filing.

The joint venture will have a registered capital of 100 million yuan, of which Wuhan East Lake High Technology Group will contribute 30 million yuan for a 30 percent stake.

The exploration work will take place in Baokang county, among the eight largest phosphate bases in China.

The exploration will take place near a super large mining area with minable reserves of 547 million tons valued at more than 100 billion yuan.

Wuhan East Lake High Technology said it is not certain of the size of the reserves of its exploration area.

Source:capitalvue.com