St George Mining (ASX:SGQ) entered into a binding memorandum of understanding with Shandong Xinhai Mining Technology & Equipment for the development of a high-grade Araxá niobium-rare earth elements project in Brazil, according to a Wednesday Australian bourse filing.
St George agreed to negotiate and enter into a strategic partnership agreement with the mining engineering firm, under which Xinhai will provide a proposal for a fixed-price engineering, procurement, and construction contract to develop the project and help St George to arrange non-dilutive funding for the contract.
Xinhai also committed to invest AU$8 million in total, alongside its nominees, in the AU$20 million equity fundraising being completed by St George to support project acquisition.
The firm's shares jumped 12% on market close.
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