Australian Silica Quartz Group Ltd (ASQ) has a joint venture with HD Mining & Investments Pty Ltd, (HDM) the wholly owned subsidiary of Shandong Bureau No.1 Institute for Prospecting of Geology & Minerals, (Shandong) titled the BRL-HD Mining Joint Venture. HDM is currently working towards obtaining a 40% interest in the bauxite rights of several tenements under the joint venture which are wholly owned by ASQ. HDM are fully funding exploration activities and their interest will be triggered if HDM enters into a binding commitment to undertake a feasibility study on the tenements. Should HDM and ASQ make a subsequent decision to mine, then HDM will earn an additional 20% interest in bauxite rights on the tenements. ASQ maintains 100% interest in all other minerals.
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